2nd Jun 2014 13:40
LONDON (Alliance News) - Exova Group PLC has refinanced with a syndicate of banks through a new GBP260.0 million funding package, according to a statement from the lead arranger Monday.
The GBP260.0 million refinancing comes after Exova's initial public offering in April. The proceeds were used to reduce debt, with the remaining debt financed through a new term loan with "significantly reduced" interest charges, the company had said.
Royal Bank of Scotland Group PLC was the lead arranger on the deal, providing GBP40.0 million as part of the transaction.
"We are extremely pleased to be supporting Exova who recently raised GBP110.0 million at IPO. The new bank facilities will support their strategic growth plans which include a combination of organic & acquisition growth," Andrew Garvey, director of sector coverage at RBS, said in a statement.
"Their clear and distinctive strategy of focusing on the provision of laboratory based testing services has enabled Exova to become a fast growing and more dynamic company. They are now well placed to respond to increasing regulatory demands, customers? innovation, and growth in their end markets," Garvey added.
Exova shares were Monday quoted at 247.00 pence, up 0.8%.
By Samuel Agini; [email protected]; @samuelagini
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