2nd Mar 2015 07:50
LONDON (Alliance News) - Oxford Instruments PLC Monday said it has agreed with its bank lenders to increase its revolving credit facility and extend its term for nearly two years, also increasing the net debt to earnings ratio covenant on the facility for a year.
In a statement, the maker of tools and systems for industry and research said it has agreed with the unnamed banks to increase its existing GBP100 million revolving credit facility by about GBP25 million and extend the tenor to February 2020 from the current maturity date of December 2018.
It said the net debt to earnings before interest, tax, depreciation and amortisation covenant will rise to 3.5 tome, from 3.0 times, during the three semi-annual covenant testing periods from March 31, 2015 to March 31, 2016 inclusive, at which time it will revert to the original level.
"Trading conditions remain consistent with the third quarter trading update announcement that was made on 22 January 2015 and expectations are unchanged," the company said.
By Steve McGrath; [email protected]; @stevemcgrath1
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