1st Apr 2015 07:00
For release: 1 April 2015
APR Energy successfully amends credit facilities
Provides increased covenant flexibility
APR Energy plc (LSE: APR) (the "Group"), a global leader in fast-track power solutions, today announces that it has successfully completed an amendment to its senior syndicated credit facilities, currently comprising a $450 million revolving credit facility and a $320 million Term Loan. The credit facility provides funds for working capital, capital expenditures and letters of credit, and is secured by substantially all of the assets of the Group and the equity issued by the Group's subsidiaries.
The amendment to the credit facility provides the Group with additional flexibility around certain covenants, most notably an increased leverage ratio, while promoting the near-term deleveraging of the Group. The amended credit facility will allow the Group to continue executing upon its business strategy as it positions for longer-term growth.
Ends
Enquiries:
APR Energy plc
Lee Munro + 1 904 404 4576
CNC Communications
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 customers with 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.
Certain statements included in this announcement constitute, or may constitute, forward-looking statements. Any statement in this announcement that is not a statement of historical fact (including, without limitation, statements regarding the Company's future expectations, operations, financial performance, financial condition and business) is or may be a forward-looking statement. Such forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those projected or implied in any forward-looking statement. These risks and uncertainties include, among other factors, changing economic, financial, business or other market conditions. Although any such forward-looking statements reflect knowledge and information available at the date of this announcement, reliance should not be placed on them. Without limitation to the foregoing, nothing in this announcement should be construed as a profit forecast.
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