16 May 2016
TT Electronics plc
Refinancing of Long-term Credit Facilities
TT 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.
The 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.
Commenting on the refinancing, Mark Hoad, Chief Financial Officer, said:
"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."
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For further information please contact: |
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TT Electronics plc |
Tel: 01932 825300 |
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Mark Hoad, Chief Financial Officer Richard Tyson, Chief Executive Officer |
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MHP |
Tel: 020 3128 8100 |
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Tim Rowntree / Jamie Ricketts / John Olsen |
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This information is provided by RNS