30th Jan 2015 08:53
LONDON (Alliance News) - Hayward Tyler Group PLC said Friday it has won a contract worth over GBP1.0 million with the British Royal Navy to deploy nine specialist pumps in Astute Class and Vanguard Class submarines, and said it has established a GBP3.0 million loan note programme.
It has raised GBP1.6 million before costs through the first issue of loan notes under the programme to support the first phase of the development of its main manufacturing facilities in Luton, north of London. It expects a second issue to take place by this summer.
The funds raised through the programme will complement the GBP3.5 million regional growth fund grant it has received, which it is using to fund the on-going expansion of its Luton facilities.
The loan notes issued bear a 7% coupon, Hayward Tyler said, and are subject to the same financial covenants as its senior borrowing facilities.
Shares in Hayward Tyler are trading up 1.4% at 85.20 pence Friday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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