Somero Enterprises Inc.
02 April 2007
Embargoed for 7.00am, 2 April 2007
THIS ANNOUNCEMENT MAY NOT BE RELEASED, PUBLISHED OR DISTRIBUTED IN OR INTO THE
UNITED STATES, CANADA, JAPAN OR AUSTRALIA OR TO US PERSONS (AS DEFINED IN
REGULATION S UNDER THE US SECURITIES ACT OF 1933, AS AMENDED) OR TO RESIDENTS,
NATIONALS OR CITIZENS OF CANADA, JAPAN OR AUSTRALIA.
Somero Enterprises, Inc. (R)
Citizen Loan facility
Somero Enterprises, Inc. (R), ('Somero' or 'the Company'), the North American
manufacturer of patented laser guided equipment used for the spreading and
levelling of high volumes of concrete for floors in the construction industry,
entered into a US$24 million credit facility with Citizens Bank New Hampshire, a
wholly owned subsidiary of The Royal Bank of Scotland Group plc on March 16,
2007. The loan is composed of the following:
• $14 million Revolving Line of Credit
• $10 million Term Loan
The change resulted in a new current interest rate of LIBOR + 1.4% compared to
the former rate of LIBOR + 3.5%. Additionally, the new facility allows the
company to reduce revolving debt balances with excess cash. This credit
facility completely replaces the company's former debt arrangements.
Commenting, Jack Cooney, President and CEO of Somero, said:
'We are pleased to announce the improved terms of our credit facility with the
Royal Bank of Scotland Group plc which is in keeping with our status as a
publicly listed company, where we are keen to ensure that we have financing
facilities in place under terms that are appropriate to our growth strategy.'
Somero will report full-year results for the year ended 31 December 2006 on
Monday, 16 April 2007.
For further information contact:
Financial Dynamics +44 (0)20 7831 3113
Edward Bridges / Harriet Keen / Matt Dixon
This announcement does not constitute or form part of any offer or invitation to
sell, or any solicitation of any offer to purchase, any securities of Somero
Enterprises, Inc. (the 'Company').
This announcement may not be released, published or distributed in or into the
United States, Canada, Japan or Australia or to US Persons (as defined in
Regulation S under the US Securities Act of 1933, as amended (the 'US Securities
Act')) or to residents, nationals or citizens of Canada, Japan or Australia.
The distribution of this announcement in certain other jurisdictions may also be
restricted by law and persons into whose possession this announcement or any
document or other information referred to herein comes should inform themselves
about and observe any such restriction. Any failure to comply with these
restrictions may constitute a violation of the securities laws of any such
jurisdiction.
No securities of the Company have been registered under the US Securities Act.
No securities of the Company may be offered or sold in the United States or to
US persons (as defined in Regulation S under the US Securities Act) except
pursuant to an effective registration statement under the US Securities Act or
pursuant to an available exemption from the registration requirements under the
US Securities Act.
No securities of the Company have been registered under the applicable
securities laws of Australia, Canada or Japan and may not be offered or sold
within Australia, Canada or Japan or to, or for the account or benefit of
citizens or residents of Australia, Canada or Japan.
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange