Business
Refinancing of Existing Debt Facilities
Refinancing of Existing Debt Facilities.
About this update from Van Elle Holdings Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 8857A\n Van Elle Holdings PLC\n 02 October 2020\n \n \n \n \n \n \n \n Van Elle Holdings plc\n \n \n (\"Van Elle\", the \"Company\" or the \"Group\")\n \n \n \n \n \n Refinancing of Existing Debt Facilities\n \n \n \n \n \n \n \n \n Van Elle Holdings plc (AIM: VANL), the UK's largest ground engineering contractor, has entered into an agreement with ABN AMRO Commercial Finance, for up to £11m of asset-based lending facilities ('the Facilities').\n \n \n \n \n \n The Facilities are provided on a revolving basis over 4 years and are secured by an all assets debenture including first priority charges over the Group's receivables and certain tangible fixed assets. There are no financial covenants associated with the Facilities.\n \n \n \n \n \n The new Facilities, which shall be undrawn on completion, provide additional balance sheet strength to enable the Group to support growth and provides greater flexibility for future capital expenditure requirements.\n \n \n \n \n \n The Group's cash position at the end of September was c.£11.5m and the remaining debt under hire purchase agreements is £5.7m. With net funds (excluding IFRS 16 property lease liabilities) of c.£5.8m, the Group is well-positioned to face any short-term market challenges.\n \n \n \n \n \n As part of the refinancing, the existing overdraft facility with Lloyds Banking Group of £2.5m has been terminated.\n \n \n \n \n \n \n Enquiries:\n \n \n \n \n \n \n \n \n \n Van Elle Holdings plc\n \n \n \n \n Via Walbrook\n \n \n \n \n \n \n Mark Cutler, Chief Executive Officer\n \n \n \n \n \n \n \n \n \n Graeme Campbell, Chief Financial Officer\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Peel Hunt LLP (Nominated Adviser and corporate broker)\n \n \n \n \n Tel: 020 7418 8900\n \n \n \n \n \n \n Mike Bell/Ed Allsopp\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Walbrook PR Limited\n \n \n \n \n \n Tel: 020 7933 8780 or \n \n [email protected]\n \n \n \n \n \n \n Tom Cooper/Nick Rome/Nicholas Johnson\n \n \n \n \n 07971 221 972 or 07748 325 236 or 07884 664 686\n \n \n \n \n \n \n \n \n \n \n \n \n About Van Elle Holdings plc:\n \n \n \n \n \n Van Elle Holdings is the UK's largest specialist geotechn...