Agreement of new debt facilities

29 February 2012

Lavendon Group plc

Agreement of new debt facilities

Lavendon Group plc ("the Group"), the market leader in the rental of powered access equipment in Europe and the Middle East, today announces that it has successfully agreed terms to refinance its banking arrangements.

With effect from 29 February 2012, the Group has agreed terms to replace its existing bank facilities with new debt facilities of £150 million, comprising a £100 million revolving bank facility expiring in July 2016 and a €60 million US private placement expiring in July 2019. The new facilities provide the Group with a robust medium to long-term diversified financing package, with significant liquidity, that will support the development of the Group in the coming years. The costs associated with the completion of this refinancing, approximately £2.9 million or 2% of the new facilities, will be amortised over the term of the facilities.

Don Kenny, Chief Executive of Lavendon Group plc, said:

"We are delighted to announce the refinancing of the Group's banking arrangements and would like to thank our funding partners for their support in putting this financing package in place. The facility provides the Group with ample funding and flexibility to pursue its business and strategic objectives."

Ends

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