7th Mar 2016 09:33
LONDON (Alliance News) - Smart Metering Systems PLC on Monday said it has agreed a GBP150.0 million revolving credit facility on improved terms with three lenders, to support growth and investment.
The funding, which was provided by Barclays Bank PLC, Bank of Scotland PLC and Santander UK PLC, will provide the company with "significant additional financial flexibility", Smart Metering Systems said.
The company said it is looking to "accelerate growth and increase investment in its asset base, both in the industrial and commercial market and with the domestic smart meter rollout, which is now underway".
The new financing arrangement replaces the company's existing GBP105 million facility, which was announced in March 2014 and subsequently amended in November 2014.
Shares in Smart Metering Systems were untraded at 372.00 pence on Monday morning.
By Samuel Agini; [email protected]; @samuelagini
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