10th Apr 2014 10:27
LONDON (Alliance News) - Avation PLC Thursday said it has completed a refinancing deal that lowers the cost on USD33.0 million of its senior debt, with the company expecting to save more than USD1.6 million a year in interest.
In a statement, Avation said the interest rates applicable under the loan agreement were fixed in the week prior to completion, which means the company's finance costs will be reduced for the next seven years and ten months.
"We have succeeded with a significant re-financing program which will lower the cost of finance and has a material impact on net profit over the remaining years of the funding facility," Executive Chairman Jeff Chatfield said in a statement.
The refinancing deal had been announced in February.
Avation shares were Thursday quoted at 109.00 pence, up 3.8%.
By Samuel Agini; [email protected]; @samuelagini
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