Business
Re Loan Facility
Re Loan Facility.
About this update from Somero Enterprises, Inc.
[{"type":"text","content":"\n Somero Enterprises Inc.\n02 April 2007\n\nEmbargoed for 7.00am, 2 April 2007\n\n THIS ANNOUNCEMENT MAY NOT BE RELEASED, PUBLISHED OR DISTRIBUTED IN OR INTO THE\n UNITED STATES, CANADA, JAPAN OR AUSTRALIA OR TO US PERSONS (AS DEFINED IN\n REGULATION S UNDER THE US SECURITIES ACT OF 1933, AS AMENDED) OR TO RESIDENTS,\n NATIONALS OR CITIZENS OF CANADA, JAPAN OR AUSTRALIA.\n\n Somero Enterprises, Inc. (R)\n Citizen Loan facility\n\nSomero Enterprises, Inc. (R), ('Somero' or 'the Company'), the North American\nmanufacturer of patented laser guided equipment used for the spreading and\nlevelling of high volumes of concrete for floors in the construction industry,\nentered into a US$24 million credit facility with Citizens Bank New Hampshire, a\nwholly owned subsidiary of The Royal Bank of Scotland Group plc on March 16,\n2007. The loan is composed of the following:\n\n • $14 million Revolving Line of Credit\n • $10 million Term Loan\n\nThe change resulted in a new current interest rate of LIBOR + 1.4% compared to\nthe former rate of LIBOR + 3.5%. Additionally, the new facility allows the\ncompany to reduce revolving debt balances with excess cash. This credit\nfacility completely replaces the company's former debt arrangements.\n\nCommenting, Jack Cooney, President and CEO of Somero, said:\n\n'We are pleased to announce the improved terms of our credit facility with the\nRoyal Bank of Scotland Group plc which is in keeping with our status as a\npublicly listed company, where we are keen to ensure that we have financing\nfacilities in place under terms that are appropriate to our growth strategy.'\n\nSomero will report full-year results for the year ended 31 December 2006 on\nMonday, 16 April 2007.\n\nFor further information contact:\n\nFinancial Dynamics +44 (0)20 7831 3113\nEdward Bridges / Harriet Keen / Matt Dixon\n\nThis announcement does not constitute or form part of any offer or invitation to\nsell, or any solicitation of any offer to purchase, any securities of Somero\nEnterprises, Inc. (the 'Company').\n\nThis announcement may not be released, published or distributed in or into the\nUnited States, Canada, Japan or Australia or to US Persons (as defined in\nRegulation S under the US Securities Act of 1933, as amended (the 'US Securities\nAct')) or to residents, nationals or citizens of Canada, Japan or Australia.\nThe ...