Financing Update (6568J)
July 04 2011 - 2:00AM
UK Regulatory
TIDMCLI
RNS Number : 6568J
CLS Holdings PLC
04 July 2011
Release date: 04 July 2011
Embargoed until: 07:00
CLS Holdings plc
("CLS", the "Company" or the "Group")
EUR128 million French portfolio refinancing;
new SEK 300 million revolving credit facility;
liquid resources now in excess of GBP225 million
CLS Holdings plc announces that it has completed the refinancing
of 19 French loans with an aggregate value of EUR128 million
raising an additional EUR35 million, and has also raised SEK 300
million through a revolving credit facility in Sweden. In
aggregate, this extra GBP60 million brings to over GBP225 million
the liquid resources, in cash, corporate bonds and undrawn
facilities, now available to the Group (31 December 2010: GBP126.4
million).
The French loans were financed by Landesbank Saar ("Saar LB")
and Societe Generale. EUR100.6 million was raised from Saar LB,
comprising 15 loans with maturities of between 5 and 7 years.
EUR28.0 million was raised from Societe Generale in 4 loans, each
of 7 years, with a weighted average loan-to-value of 70% and a
margin of 1.5% above Euribor.
Separately the Group has signed a SEK 300 million revolving
credit facility with Danske Bank for working capital purposes.
Sten Mortstedt, Executive Chairman of CLS, comments:
"We are delighted to have secured these loans and facilities on
attractive terms to the Group. They reflect our continuing
excellent relationships with Societe Generale and Danske Bank, and
we are pleased to welcome Saar LB as an important addition to our
stable of 20 banks. It is testament to the strength of the Group's
portfolio and track record, that we are able to arrange these
facilities in the current credit markets and economic climate. They
give the Group additional flexibility and firepower going
forward."
-ends-
For further information please contact:
CLS Holdings plc +44 (0)20 7582 7766
www.clsholdings.com
Sten Mortstedt, Executive Chairman
Henry Klotz, Executive Vice Chairman
Richard Tice, Chief Executive Officer
This information is provided by RNS
The company news service from the London Stock Exchange
END
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