Business
New Banking Facilities
New Banking Facilities.
About this update from Volex Plc
[{"type":"text","content":"\n Volex Group PLC\n13 December 2006\n\n\n13 December 2006\n\n VOLEX GROUP plc\n\n\n New three year banking facilities\n\nWe are very pleased to announce that we have entered into a new three year\nUS$76m multicurrency revolving credit facility for the Group with Lloyds TSB on\nimproved terms that provide greater operational flexibility. This refinancing\nreflects the financial strength of the Group following the equity placing in\nJune 2005 and the subsequent trading results that have demonstrated a\nsignificant recovery in the Group's health.\n\nThe new facilities replace the current facilities provided by Barclays, The\nRoyal Bank of Scotland and Bank of America that were due to expire in June 2008.\n\nIn accordance with IAS39, the refinancing will result in an immediate write-off\nof £1.5m unamortised refinancing fees on the current facilities through the\ninterest charge and we will be expecting to amortise costs incurred in arranging\nthe new facilities and estimated at a similar amount, over the duration of the\nnew agreement.\n\n\nRichard Arkle\nChairman\n13 December 2006\n\n\nFor further information please contact:\n\nVolex Group plc 01925 830101\nHeejae Chae, Group Chief Executive\nDerek Walter, Group Finance Director\n\nWeber Shandwick Square Mile 020 7067 0700\nChris Lynch / Nick Dibden\n\n\n\n\n\n\n\n\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange\n \n ","length":1803,"tagName":"div"}]