Business
Debt Facility
Debt Facility.
About this update from Getech Group Plc
[{"type":"text","content":"\n RNS Number : 8784Y GETECH Group plc 10 September 2009 \n \nGETECH Group plc \n('GETECH' or the 'Company')\n\nDebt facility\n\n\nGETECH, a leading oil services business specialising in the provision of data, studies and interpretation services to the oil and mining exploration sectors announces completion of a debt facility.\n\nThe Company has today executed an agreement with the National Westminster Bank plc pursuant to which a loan facility of £1million has been made available to the Company (the 'Loan Facility'). It is anticipated that the full amount of the Loan Facility will be drawn down over the next few weeks.\n\nAny amount drawn down pursuant to the Loan Facility is repayable over four years, although repayments are deferred for a period of six months from the date of the agreement. This loan is secured by a fixed and floating charge over all the Company's assets, including the property at Elmete Hall. Interest on amounts drawn down under the Loan Facility is variable and charged at 1.6% over the London Interbank Offered Rate ('LIBOR').\n\nRaymond Wolfson, Chief Executive commented 'While we continue to see strong interest in our products and services, we believe it prudent to ensure that cash does not become an issue even if oil company budgets remain tight for an extended period. This loan reflects confidence from our bank in the future of the Company, a confidence which I believe is fully justified'.\n\n\n\nFor further information, please contact:\n\n\n\n\n\nGETECH Group plc\n\n\n\n\n\n\n\nDerek Fairhead, Executive Chairman\nRaymond Wolfson, Chief Executive\n\n\n0113 322 2200\n\n\n\n\n\n\n\n\n\n\n\n\nWH Ireland Limited\n\n\n\n\n\n\n\nKaty Mitchell\n\n\n0161 832 2174\n\n\n\n\nGary Marshall\n\n\n0113 394 6610\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\n\n\n\n\n\n\n \n\n\nThis information is provided by RNSThe company news service from the London Stock Exchange END MSCEASNEFFNNEFE \n ","length":6148,"tagName":"div"}]