Business
Refinancing of Long-term Credit Facilities
Refinancing of Long-term Credit Facilities.
About this update from Tt Electronics Plc
[{"type":"text","content":"\n \nRNS Number : 3668Y TT Electronics PLC 16 May 2016 \n\n \n16 May 2016\n \nTT Electronics plc\n \nRefinancing of Long-term Credit Facilities\n \n \nTT Electronics (\"TT\" or the \"Group\") today announces that it has signed a new £150m multi-currency revolving credit facility to replace the £75m multi-currency and $60m US dollar facilities which expire in August 2017. The new facility has a five year term, is provided by seven relationship banks and was oversubscribed.\n \nThe margin on drawings has been reduced and certain covenants have been relaxed including the net debt to EBITDA covenant, which has been changed from 2.75 times to 3.0 times.\n \nCommenting on the refinancing, Mark Hoad, Chief Financial Officer, said:\n \n\"We are pleased with the strong support from our relationship banks, and by the terms that we have agreed with them. The new facility strengthens and extends the Group's financing arrangements, underpinning our ability to pursue our strategy of returning the business to sustainable profitable growth.\"\n \n \n \n \n\n\n\n\nFor further information please contact:\n\n\n\n\n\n\n\nTT Electronics plc \n\n\nTel: 01932 825300\n\n\n\n\nMark Hoad, Chief Financial Officer\nRichard Tyson, Chief Executive Officer\n\n\n\n\n\n\n\n\n\n\n\n\nMHP\n\n\nTel: 020 3128 8100\n\n\n\n\nTim Rowntree / Jamie Ricketts / John Olsen\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 MSCAFMTTMBTBBTF\n ","length":3946,"tagName":"div"}]