Iomart Group PLC New Bank GBP100m Revolving Credit Facility (4445U)
December 03 2021 - 1:59AM
UK Regulatory
TIDMIOM
RNS Number : 4445U
Iomart Group PLC
03 December 2021
3 December 2021
iomart Group plc
("iomart" or the "Group" or the "Company")
New Bank GBP100m Revolving Credit Facility
iomart Group plc (AIM:IOM), the cloud computing company, is
pleased to announce that it has agreed a refinancing, replacing the
Company's existing single bank Revolving Credit Facility of GBP80
million that was due to mature on 30 September 2022, with a new
GBP100m Revolving Credit Facility ("RCF"). The RCF is provided by a
new four bank group consisting of HSBC UK, Royal Bank of Scotland,
Bank of Ireland and Clydesdale Bank.
The new facility has an initial maturity date of 30 June 2025,
with a 12-month extension option and benefits from a GBP50m
Accordion Facility in addition to the GBP100m committed facility.
The RCF has a borrowing cost at the Company's current leverage
levels of 180 basis points over SONIA, compared to 150 basis points
over LIBOR on the prior facility. An arrangement fee will be
payable upfront in addition to a commitment fee on the undrawn
portion of the new RCF on equivalent terms to the previous
facility.
The RCF and the Accordion Facility (if exercised) provide the
Company with additional liquidity to be used for working capital
purposes and to fund investments, in accordance with the Company's
5-year strategic plan.
Scott Cunningham, CFO of iomart Group plc, commented:
"We are delighted to have secured an increased and more flexible
arrangement through a diversified bank club. Our four new banks,
HSBC UK, Royal Bank of Scotland, Bank of Ireland and Clydesdale
Bank, are very supportive of our refreshed strategy and clear
growth plans, underpinned by the existing strong and predictable
financial model, with high recurring revenue and good cash
generation."
For further information:
iomart Group plc Tel: 0141 931 6400
Reece Donovan, Chief Executive Officer
Scott Cunningham, Chief Financial Officer
Peel Hunt LLP (Nominated Adviser and Joint Tel: 020 7418 8900
Broker)
Edward Knight, Paul Gillam, James Smith
Investec Bank PLC (Joint Broker) Tel: 020 7597 4000
Patrick Robb, Virginia Bull, Sebastian Lawrence
finnCap Limited (Debt Advisory) Tel: 020 7220 0500
Alistair Hay, Graham Cooke, Krishan Raval
Alma PR Tel: 020 3405 0205
Caroline Forde, Hilary Buchanan, Joe Pederzolli
About iomart Group plc
iomart Group plc (AIM: IOM) is a cloud computing and IT managed
services business providing hybrid cloud infrastructure, network
connectivity, security, and digital workplace capability. Our
mission is simple: to make our customers unstoppable by enabling
them to connect, secure and scale anywhere, anytime. From our
portfolio of data centres we own and operate across the UK to
connected sites around the world, our 400-strong team can design
and deploy the right cloud solution for our customers.
For further information about the Group, please visit www.iomart.com
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END
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