27th Nov 2013 12:04
LONDON (Alliance News) - Energy Assets Group PLC Wednesday said it has agreed a new GBP35 million facility with Bank of Scotland to refinance existing debt with Macquarie Bank and to provide additional finance to support business growth.
The gas metering company said the core element of the deal with Bank of Scotland, part of Lloyds Banking Group, is a GBP25 million funding facility which, when added to existing facilities with other banking partners, results in significant headroom of GBP45 million.
Drawdowns will be available over a two year period and will attract an interest rate of 2.95% plus LIBOR, with a ten year repayment profile.
As part of the agreement, GBP10 million of existing debt previously held with Macquarie will be refinanced with Bank of Scotland. This removes all debt exposure with Macquarie. The Macquarie loan was historically priced at a margin of 4% plus LIBOR, but is now priced at 2.95% plus LIBOR.
The stock was trading at 384.95 pence Wednesday morning, up 4.95 pence or 1.3%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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