Business
Cohort plc extends banking facility
Cohort plc extends banking facility.
About this update from Cohort Plc
[{"type":"text","content":"\n \n \n 19 July 2022\n \n \n \n \n \n \n \n \n COHORT PLC\n \n \n \n \n (\"Cohort\" or \"the Group\")\n \n \n \n \n \n \n \n \n \n Cohort plc extends banking facility\n \n \n \n \n \n \n \n \n \n \n \n Cohort plc, the independent technology group, announces that it has completed a renewal of its banking facility. The new and increased facility is for a total of £50m and runs for three years to July 2025, with options to extend it for a further two years to July 2027. \n \n \n \n \n \n The terms are broadly similar to those of the previous £40m facility, which was due to expire in November 2022. The new facility provides for an initial £35m to be drawn with an option (accordion) for a further £15m. The syndicate of banks providing the facility has also been extended with the addition of Commerzbank to NatWest and Lloyds.\n \n \n \n \n \n \n \n Simon Walther, Cohort Finance Director, said:\n \n \n \"The facility provides the Group with a flexible arrangement to draw down for acquisitions and overdraft. The addition of Commerzbank gives us provision for banking instruments, such as bank guarantees, in Germany where our subsidiary ELAC Sonar is located.\"\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n ENDS\n \n \n \n \n \n \n \n \n \n For further information please contact:\n \n \n \n \n \n \n \n Cohort plc\n \n \n \n \n 0118 909 0390\n \n \n \n \n \n \n Andy Thomis, Chief Executive\n \n \n \n \n \n \n \n \n \n \n \n \n \n Simon Walther, Finance Director\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Investec Bank Plc (NOMAD and Broker)\n \n \n \n \n 020 7597 5970\n \n \n \n \n \n \n Daniel Adams, Christopher Baird\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n MHP Communications\n \n \n \n \n 020 3128 8570\n \n \n \n \n \n \n Reg Hoare, Pete Lambie, Ollie Hoare\n \n \n \n \n [email protected]\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n NOTES TO EDITORS \n \n \n \n \n \n \n Cohort plc (\n \n \n www.cohortplc.com\n \n \n ) is the parent company of six innovative, agile and responsive businesses based in the UK, Germany and Portugal, providing a wide range of services and products for domestic and export customers in defence and related ...