29th Jun 2011 07:00
Restore plc
("Restore" or "The Company")
Refinancing Agreement
Restore plc, the AIM listed UK Services Group, today announces that it has signed a new finance facility with Barclays Bank plc. The main details of the new facility are:
·; A 5 year Term Loan for £11 million at 2.85% over 3 month LIBOR. The repayment period is 10 years with quarterly payments commencing June 2012
·; A 3 year Revolving Credit Facility for £3 million at 3.5% over 3 month LIBOR
·; An overdraft, on demand, facility of £2 million at 3% over 3 month LIBOR
Commenting on the agreement Harvey Samson, Finance Director of Restore plc said: "Restore is a profitable business with excellent growth prospects and good quality of earnings. We are delighted to have put in place these new financing arrangements which enable us to continue our strategy of growth both organically and by acquisition."
For further information, please contact:
Restore plc | |
Charles Skinner, Chief Executive Harvey Samson, Finance Director | Tel: 07966 234 075 Tel. 07836 658448 |
Cenkos Securities | |
Nicholas Wells / Elizabeth Bowman | Tel: 020 7397 8900 |
Threadneedle Communications | |
John Coles | Tel: 020 7653 9848 |
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