Business
Increased £125m facility
Increased £125m facility.
About this update from Videndum Plc
[{"type":"text","content":"\n RNS Number : 0221B The Vitec Group PLC 11 August 2008 \n \n\n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO THE SAME WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION. \n\n \n11 August 2008\n\nThe Vitec Group plc\n\nIncreased £125m facility \n\nThe Vitec Group plc ('Vitec') announces that it has signed a new £125m multicurrency revolving credit facility. This has been arranged by Bank of Scotland plc, Barclays Capital (the investment banking division of Barclays Bank PLC), HSBC Bank plc, Landesbank Baden Württemberg, London Branch, Lloyds TSB Bank plc and Unicredit Corporate Banking S.p.A.\n\nThe credit line will replace Vitec's current £100m facility and is for a term of five years. The total annual cost of the facility is c.£0.2m more than under the previous loan, based on the current drawing of c.£57m, mainly due to the increased commitment.\n\nVitec's financial advisers were Dresdner Kleinwort and its legal advisers were Slaughter and May.\n\nAlastair Hewgill, Group Finance Director, said:\n\n'We are pleased to have secured a new increased debt facility for the group on broadly similar financial terms to our current arrangements and appreciate the support from our banks. Vitec remains prudently financed and will continue to be able to consider further acquisitions if and when appropriate.'\n\nEnds\nEnquiries: \n \n\n\n\n\nThe Vitec Group plc\n\n\n\n\n\n\n\n Alastair Hewgill\n\n\nTelephone: 020 8939 4650\n\n\n\n\n\n\n\n\n\n\n\n\nFinancial Dynamics\n\n\n\n\n\n\n\nRichard Mountain / Sophie Kernon\n\n\nTelephone: 020 7269 7121\n\n\n\n\n\n\n\nNotes\n\n\nStatements made in this announcement that look forward in time or that express management's beliefs, expectations or estimates regarding future occurrences are 'forward-looking statements' within the meaning of the United States federal securities laws. These forward-looking statements reflect Vitec's current expectations concerning future events and actual results may differ materially from current expectations or historical results. \n\n\nVitec is an international Group, princi...