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TT Electronics inks new GBP150m revolving credit

16 May 2016 13:51

TT Electronics has signed a new GBP150m multi-currency revolving credit facility to replace the GBP75m multi-currency and $60m US dollar facilities which expire in August 2017.

The new facility has a five year term, is provided by seven relationship banks and was oversubscribed. The margin on drawings has been reduced and certain covenants have been relaxed including the net debt to EBITDA covenant, which has been changed from 2.75 times to 3.0 times. Chief financial officer Mark Hoad said: "We are pleased with the strong support from our relationship banks, and by the terms that we have agreed with them. The new facility strengthens and extends the Group's financing arrangements, underpinning our ability to pursue our strategy of returning the business to sustainable profitable growth."

At 1:51pm: (LON:TTG) TT Electronics PLC share price was +2p at 132p

Story provided by StockMarketWire.com

Related Company: TTG

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