13th Aug 2024 18:54
Water Intelligence PLC - London-based provider of water infrastructure technology solutions - Announces the refinancing of its existing debt and expansion of its credit facilities with US bank, M&T Bank. The refinancing spreads the amortization of around USD21 million of total liabilities through 2029 at a fixed rate of 6.35%. The debt service for the next five years requires between 5% and 10% of principal to be repaid each year freeing additional cash for available "accretive growth opportunities". Further, expands credit capacity with a USD3 million acquisition line of credit with a floating market rate capped at 8% and a USD2 million working capital line of credit at a floating market rate. Following these changes, the group will have more than USD20 million in resources.
Executive Chair Patrick DeSouza comments: "We are excited by the growth opportunities available to the group in the marketplace. The demand for water and wastewater solutions remains strong, especially given ageing infrastructure."
Current stock price: 400.00 pence
12-month change: down 7.5%
By Jeremy Cutler, Alliance News reporter
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