Low & Bonar PLC Debt refinancing (3514O)

TIDMLWB

RNS Number : 3514O

Low & Bonar PLC

17 May 2018

LEI213800CALFKOEL7N7P10

Low & Bonar PLC (the 'Company' or 'Low & Bonar')

Debt refinancing

Low & Bonar is pleased to announce that it has agreed and executed a new 5 year, EUR165m revolving credit facility with a syndicate of five relationship banks, to refinance its existing EUR165m facility which was due to mature in July 2019.

Under the terms of the new facility, the Group's maximum net debt:EBITDA covenant has been temporarily increased, from 3.0x to 3.5x, until 31 May 2019, to provide additional headroom as the Group executes its reorganisation and cost and structural debt reduction plans. The holders of the Group's EUR60m Senior Notes have also agreed to the same temporary increase in the net debt:EBITDA covenant.

There is no material change to the cost of the overall debt.

For further information, please contact:

 
Low & Bonar PLC                              020 7535 3180 
Philip de Klerk, Group Chief Executive 
 Officer 
 Simon Webb, Group Chief Financial Officer 
Instinctif Partners                           020 7457 2020 
Matthew Smallwood 
 Helen Tarbet 
 Rosie Driscoll

This information is provided by RNS

The company news service from the London Stock Exchange

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May 17, 2018 02:01 ET (06:01 GMT)

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