15th Nov 2005 07:39
ASHTEAD GROUP PLC ASHTEAD ANNOUNCES IMPROVEMENT TO TERMS OF ASSET BASED LOAN FACILITY New terms increase facility size, extend maturity and reduce cost Ashtead Group plc, the equipment rental group serving the US and UKconstruction, industrial and homeowner market, announces that it has agreedamended terms with the syndicate of lenders who make available its firstpriority asset based senior secured loan facility to increase the size andmaturity of the facility and reduce its cost.Principal changes: * increases the size of the facility from US$675 million to US$800 million * extends its maturity by a further year to November 2010 * lowers the interest rate grid from its current range of LIBOR plus 225bp to 300bp to a new range of LIBOR plus 150bp to 250bp. * revises the calculation of the borrowing base providing an increase in the amount of the facility currently available of approximately $90 million * removes the maximum capital expenditure and minimum EBITDA covenants Ian Robson, finance director, commented:"We are pleased with the support we have received from our syndicate of lendersfor this amendment which underlines the continued improvement in the Group'sperformance and the strength of our capital structure following this summer'scapital reorganisation. The amended facility gives us substantial flexibilityas we continue to invest in the Group's future development, particularly in theUnited States where conditions in our core market remain strong. It also givesus an immediate reduction of 50bp in the cost of our first priority senior debtwhich totalled ‚£275 million ($487 million) at 31 October 2005."Ashtead will announce its results for the second quarter and first half of theyear on Tuesday 13 December 2005. There will be a presentation to equityanalysts at 9.30am on that day at the offices of JPMorgan at 10 Aldermanbury,London EC2V 7RF and a conference call for bondholders in the afternoon at3.00pm. The equity analysts' presentation will also be available via theCompany's website at www.ashtead-group.com.Contacts:Ashtead Cob Stenham Non-executive Chairman 020 7299 5562 George Burnett Chief Executive ) Ian Robson Finance Director ) 01372 362300 Maitland Brian Hudspith 020 7379 5151 ENDASHTEAD GROUP PLCRelated Shares:
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