Business
Enlarged Bank Facilities
Enlarged Bank Facilities.
About this update from Btg Consulting Plc
[{"type":"text","content":"\n RNS Number : 2134L Begbies Traynor Group PLC 04 May 2010 \n \n\n4 May 2010 \n \nBegbies Traynor Group plc\n\nEnlarged Bank Facilities\n\nBegbies Traynor Group plc (\"the Group\"), the specialist professional services organisation, is pleased to announce the signing of new enlarged committed revolving credit facilities (`RCFs`) totalling £30 million and a new £5 million overdraft facility. These facilities replace the Group's existing committed £20 million RCF, which was due to expire in April 2011, and £5 million overdraft. \nThe new facilities, which are unsecured, are with HSBC (£15m RCF for a term of 4.25 years, together with a £5 million overdraft facility) and Yorkshire Bank (£15m RCF for a term of 3.75 years). As at 31 October 2009, the Group had utilised £16 million of its existing banking facilities of £25 million.\nThe Group has sought to diversify its committed banking facilities away from a sole bank in favour of bilateral, unsecured arrangements with two banks. Interest on these RCFs will be charged at 2% over LIBOR and on the overdraft at 1.95% over bank base rate. The board believes these are highly competitive packages, reflecting confidence in the Group and its management. Arrangement costs associated with this refinancing, including legal fees, amount to approximately £0.4 million.\nRic Traynor, Executive Chairman of Begbies Traynor Group, said:\n\"The new facilities provide the Group with a more flexible and longer term financing structure, reflecting the increasing scale and sophistication of our business. The additional funds will enable us to consider both organic investment and acquisition opportunities, principally in the insolvency and restructuring sector.\"\nThe Group will issue a trading update for the year ended 30 April 2010 in early June. \n \n \n\n\n\n\nFor further information, please contact:\n\n\nwww.begbies-traynorgroup.com\n\n\n\n\n\n\n\n\n\n\n\n\nBegbies Traynor Group plc\n\n\n0161 837 1700\n\n\n\n\nRic Traynor, Executive Chairman\n\n\n\n\n\n\n\nJohn Gittins, Chief Financial Officer\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nShore Capital & Corporate Limited\n\n\n020 7408 4090\n\n\n\n\nAndrew Raca\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nHogarth\n\n\n020 7357 9477\n\n\n\n\nJames White \n\n\n\n\n\n\n\n \n\nThis information is provided by RNSThe company news service f...