16th May 2016 12:29
LONDON (Alliance News) - TT Electronics PLC on Monday said it has signed a new GBP150.0 million, five-year multi-currency revolving credit facility with seven unnamed relationship banks.
TT said the new facility replaces its existing GBP75.0 million multi-currency and USD60.0 million loan facilities, which had been due to expire in August 2017.
The margin on drawdowns on the new facility has been reduced, TT said, and certain covenants have been relaxed.
"We are pleased with the strong support from our relationship banks, and by the terms that we have agreed with them. The new facility strengthens and extends the group's financing arrangements, underpinning our ability to pursue our strategy of returning the business to sustainable profitable growth," said TT Chief Financial Officer Mark Hoad.
TT shares were flat at 130.00p pence Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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