Business
Financing Update
Financing Update.
About this update from Cls Holdings Plc
[{"type":"text","content":"\n \nRNS Number : 6568J CLS Holdings PLC 04 July 2011 \n \n\n \n \n \n \n \nRelease date: 04 July 2011\nEmbargoed until: 07:00\n \nCLS Holdings plc\n(\"CLS\", the \"Company\" or the \"Group\")\n \n€128 million French portfolio refinancing;\nnew SEK 300 million revolving credit facility;\nliquid resources now in excess of £225 million\n \n \nCLS Holdings plc announces that it has completed the refinancing of 19 French loans with an aggregate value of €128 million raising an additional €35 million, and has also raised SEK 300 million through a revolving credit facility in Sweden. In aggregate, this extra £60 million brings to over £225 million the liquid resources, in cash, corporate bonds and undrawn facilities, now available to the Group (31 December 2010: £126.4 million).\n \nThe French loans were financed by Landesbank Saar (\"Saar LB\") and Société Générale. €100.6 million was raised from Saar LB, comprising 15 loans with maturities of between 5 and 7 years. €28.0 million was raised from Société Générale in 4 loans, each of 7 years, with a weighted average loan-to-value of 70% and a margin of 1.5% above Euribor.\n \nSeparately the Group has signed a SEK 300 million revolving credit facility with Danske Bank for working capital purposes.\n \nSten Mortstedt, Executive Chairman of CLS, comments:\n \n\"We are delighted to have secured these loans and facilities on attractive terms to the Group. They reflect our continuing excellent relationships with Société Générale and Danske Bank, and we are pleased to welcome Saar LB as an important addition to our stable of 20 banks. It is testament to the strength of the Group's portfolio and track record, that we are able to arrange these facilities in the current credit markets and economic climate. They give the Group additional flexibility and firepower going forward.\"\n \n \n-ends-\n \nFor further information please contact:\n \nCLS Holdings plc &nbs...