Business
Banking Facilities Update
Banking Facilities Update.
About this update from Synergia Energy Ltd
[{"type":"text","content":"\n RNS Number : 8889P Plastics Capital PLC 01 April 2009 \n \n\n\n\n\nFor Immediate Release\n\n\n1 April 2009\n\n\n\n\n\n\n\nPlastics Capital plc\n(the 'Company' or the 'Group')\n\nBanking facilities update\n\nPlastics Capital plc (AIM: PLA), the acquisitive niche plastics products group, is pleased to provide an update on an agreement reached with its bankers, Royal Bank of Scotland ('RBS'), in relation to the banking facilities that RBS currently provides to the Company.\n\nSome minor amendments to these facilities have been agreed in order to provide the Company with greater covenant and cash headroom over the next 12 months, as bank debt is repaid. \n\nThese amendments were considered prudent given the significant volatility of sterling in recent months and the impact that this volatility could have on covenant calculations and short term hedging costs, at a time when trading conditions, as indicated on 19 February 2009 have been, and may continue to be difficult. The costs associated with amending these facilities were not significant.\n\nCommenting, Faisal Rahmatallah, Executive Chairman, said: \n\n'The amendments to our banking facilities now agreed with RBS provide us with greater flexibility over the next 12 months. We are pleased with the ongoing support provided to the Group by RBS. The need for relatively minor amendments and our ability to secure them emphasises the underlying strength of our businesses.'\n\n\n\n\n\nPlastics Capital plc\nFaisal Rahmatallah, Executive Chairman\nNick Ball, Finance Director\n\n\nTel: 020 7326 8423\n\n\n\n\n\n\n\n\n\n\n\n\nCenkos Securities \nStephen Keys\nBeth McKiernan \n\n\n\nTel: 020 7397 8900\n\n\n\n\nBuchanan Communications \nRichard Darby\nChristian Goodbody\n\n\n\nTel: 020 7466 5000\n\n\n\n\n\nNotes to Editors\n\nPlastics Capital is a consolidator of plastics products manufacturers focused on proprietary products for niche markets. The Group has five factories in the UK, one in Thailand and sales offices in the USA and Japan. Approximately 50 per cent of sales are exported to over 70 countries worldwide. Production is concentr...