Completion of new $770m credit facility

18 August 2014

APR Energy announces completion of new $770m credit facility

· Replaces previous facility and provides additional $120m of financing

· Significantly improves covenant flexibility

· Five-year maturity

· Expanded and diversified lender base

· Expansion feature to enable additional future financing up to $1bn

APR Energy plc (LSE: APR), a global leader in fast-track power solutions, announces that it has closed and funded a new syndicated credit facility for the Group. The expanded $770m facility, comprising a $450m revolving credit facility and $320m term loan, replaces the Group's existing $400m revolving credit facility and $250m term loan.

The new five-year facility provides the Group with financing through August, 2019, expands available funding by $120m and provides significantly improved covenant flexibility. Key financial covenants include a Total Leverage Ratio (Adjusted EBITDA/Net Debt) at a maximum of 3.25:1 and an Interest Coverage Ratio (Adjusted EBITDA/Net Interest) at a minimum of 3.00:1. The new facility also contains an accordion feature that would allow the total facility to expand further, up to $1bn, subject to the Group obtaining additional funding commitments and complying with leverage covenants.

Underwritten by a syndicate led by Bank of America Merrill Lynch and HSBC, the facility broadens and diversifies the Group's bank relationships with both existing and new lenders.

Commenting on the announcement, John Campion, APR Energy's Chief Executive, said: "We are very pleased to have secured this new, expanded facility, which strengthens our financial position, gives us liquidity to manage through our business cycle and provides us the incremental capacity needed to effectively execute our growth strategy.

"We appreciate the strong support we continue to receive from all our lender partners, including our lead underwriters, Bank of America Merrill Lynch and HSBC, as well as Barclays, JP Morgan and a number of global partner banks. These represent some of the largest and most-respected financial institutions in the world, and the size and terms of the new facility they have provided us reflect their full confidence in the Group's business model and our prospects for growth."  

Enquiries:

APR Energy plc

Karen Menzel +44 (0) 777 590 6076

Capital MSL

Richard Campbell +44 (0) 20 3219 8800 / +44 (0) 7775 784 933

Richard Gotla +44 (0) 20 3219 8819 / +44 (0) 7904 122 207

About APR Energy

APR Energy is the world's leading fast-track mobile turbine power business. We provide large-scale, fast-track power, providing customerswith rapid access to reliable electricity when and where they need it. APR combines state-of-the-art, fuel-efficient technology with industry-leading expertise to provide turnkey power plants that are rapidly deployed, customisable and scalable. Serving both utility and industrial segments, APR Energy provides power generation solutions to customers and communities around the world, with an emphasis on Africa, the Americas, Asia-Pacific and the Middle East. For more information, visit the Company's website at www.aprenergy.com.