Business
Amendment to Credit Facility
Amendment to Credit Facility.
About this update from Somero Enterprises, Inc.
[{"type":"text","content":"\n \nRNS Number : 9370P Somero Enterprises Inc. 24 February 2016 \n\n24 February 2016\n \nSomero Enterprises, Inc.\n(\"Somero\" or the \"Company\")\n \nAmendment to Credit Facility\n \nSomero is pleased to announce that it has agreed to amend its existing credit facility with Citizens Bank resulting in an increase and extension to the Company's secured revolving line of credit (\"RLOC\") as well as other improved terms. \n \nThe previous US$5 million RLOC with Citizens was set to mature in March 2016. The amendment increases the RLOC to US$10 million and extends RLOC maturity to February 2021. There were no changes to either the term of the Company's commercial real estate mortgage that matures April 2018 or the collateral for the credit facility. The amended credit facility continues to be subject to customary financial performance covenants.\n \nWhile the Company has no current plans to utilize the RLOC, the amendment provides security of funding as the Company continues to execute its business strategy.\n \n\n\n\n\nEnquiries:\n\n\n \n\n\n\n\n \n\n\n \n\n\n\n\nSomero Enterprises, Inc.\n\n\nwww.somero.com\n\n\n\n\nJack Cooney, CEO\n\n\n+1 239 210 6500\n\n\n\n\nJohn Yuncza, CFO\n\n\n \n\n\n\n\nHoward Hohmann, EVP Sales\n\n\n \n\n\n\n\n \n\n\n \n\n\n\n\nCanaccord Genuity Ltd (NOMAD and Joint Broker)\n\n\n \n\n\n\n\nBruce Garrow\n\n\n+44 (0)20 7523 8000\n\n\n\n\nPiers Coombs\n\n\n \n\n\n\n\nMark Whitmore\n\n\n \n\n\n\n\n \n\n\n \n\n\n\n\nfinnCap Ltd (Joint Broker)\n\n\n \n\n\n\n\nMatt Goode\n\n\n+44 (0)20 7220 0500\n\n\n\n\nCarl Holmes\n\n\n \n\n\n\n\nTim Redfern\n\n\n \n\n\n\n\n \n\n\n \n\n\n\n\nRedleaf Communications Ltd (Financial PR Advisor)\n\n\[email protected]\n\n\n\n\nRebecca Sanders-Hewett\n\n\n+44 (0)20 7382 4730\n\n\n\n\nDavid Ison\n\n\n \n\n\n\n\nSusie Hudson\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 MSCDDGDDXBDBGLX\n ","length":4867,"tagName":"div"}]