12th Mar 2014 10:21
LONDON (Alliance News) - Smart Metering Systems PLC Wednesday said it has signed new long-term debt facilities with its existing syndicate of banks on "significantly" improved terms.
In a statement, the company said its new GBP105 million revolving credit facility replaces a GBP45 million facility it put in place with Barclays Bank, Clydesdale Bank and Bank of Scotland in 2012.
It didn't details the terms on the facility but said in includes a 10-year repayment profile.
"The revised arrangements, which are on substantially improved terms to an already competitive facility, will provide SMS with the necessary resources to further increase investment in metering assets over the next 24 months and will assist us to deliver on our strategy and continue to grow the business," Chief Executive Alan Foy said.
Smart Metering Systems shares last traded at 331.5 pence.
By Steve McGrath; [email protected]; @SteveMcGrath1
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