23rd Feb 2015 07:57
LONDON (Alliance News) - APR Energy PLC Monday said it is in talks with its lenders about amending its credit facilities, after warning that it may not meet some financial covenants associated with its bank facility on future testing dates.
The power company said it is currently in compliance with its financial covenants, but had advised its banking syndicate that this may not remain the case, a situation that could lead to the removal or reduction in its financing arrangements.
The company said it's "pursuing an amendment to its credit facility that would provide the desired relief in advance of when required to ensure continued compliance".
"The amendment process is proceeding and the group is engaged in positive discussions with its banking syndicate," it added.
APR Energy reiterated its full-year 2014 net debt guidance for between USD550 million USD570 million, and said it still expects to generate "strong positive cash flow from operations". It added that it will actively manage fleet capital expenditure to maintain "solid" liquidity and a "robust" cash position.
By Steve McGrath; [email protected]; @stevemcgrath1
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