14th Mar 2006 07:03
Regus Group PLC14 March 2006 14 March 2006 New five year, £100 million committed revolving credit facility Regus Group plc, the leading global provider of outsourced office solutions,today announces that it has completed the signing of a new £100 million creditfacility. The new facility, which is structured as a five year revolving credit and letterof credit facility, is being supplied by Mandated Lead Arrangers The Royal Bankof Scotland plc and Lloyds TSB Bank plc, and Arranger National Australia Bank. The size and term of the new facility reflects Regus' strong financialperformance and the excellent future prospects for the business. This willreplace Regus' existing acquisition financing put in place in August 2004 whichhas since been rapidly paid down; at Regus' pre-close update on 16th December2005, only US$41.75 million (£23.9 million) of the existing term loan and US$20million (£11.4 million) of the existing letter out of credit of the originaloverall $155.0 million facility (£88.6 million) were outstanding. This will beretired on closing of the new facility. The terms of the new facility have been entered into on significantly morefavourable terms, amongst other factors, the coupon payable having been reducedby in excess of 340 basis points, providing the business with a more flexibleand supportive facility. The Debt Advisory team at Deloitte acted as adviser and Allen & Overy LLP actedas legal adviser to Regus. Commenting on the new facility, Mark Dixon, Chief Executive of Regus said: "This new facility will provide us with a more efficient capital structure aswell as giving greater flexibility as the Group continues to grow. We are alsopleased to have attracted the support of RBS, Lloyds TSB and NAB and lookforward to developing a strong ongoing relationship." Enquiries: Stephen Gleadle Finance Director, Regus Group plc 01932 895 000Rudy Lobo Chief Operating Officer Andrew Fenwick Brunswick 020 7404 5959Simon Sporborg An exchange rate of US$1.75 has been used in the text above. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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