ANNOUNCEMENT – ALUMASC COMPLETES ROUTINE RE-FINANCING
The Alumasc Group plc (ALU:L), the premium building and engineering products company is pleased to announce that it has renewed its committed borrowing facilities of £20 million for a further five years. The existing facilities were due to expire in May 2012.
The new £20 million facility will be provided by Barclays and HSBC in equal participation. In addition, these banks will provide overdraft facilities of £6 million in total. Despite higher lending margins across the banking market compared to four years ago when the previous facility was negotiated, Alumasc expects that the new financing arrangements, when combined with interest rate hedging, will result in a modest reduction in the group’s overall effective interest rate at the current level of LIBOR. The other principal terms of the new financing facilities are largely unchanged.
Andrew Magson, Group Finance Director, commented “We are pleased to be working with Barclays and HSBC and to have completed the routine refinancing of the group ahead of our forthcoming year end. The five year committed borrowing facilities we have secured are intended to provide sufficient headroom to support the anticipated growth in Alumasc’s business over that period, including the continued resurgence of Alumasc Precision, the recovery of our building products businesses from recession and increased export sales.”
The Alumasc Group plc
Paul Hooper (Group Chief Executive) Tel: 01536 383821
Andrew Magson (Group Finance Director) Tel: 01536 383844
Simon Bloomfield Tel: 0207 367 8861