23 October 2015
Premier Technical Services Group PLC
(“PTSG” or the “Group”)
New banking facilities agreed with HSBC PLC (“HSBC”)
£7,000,000 Revolving Credit Facility (“RCF”) and £2,500,000 overdraft facility
PTSG, the niche specialist services provider, is pleased to announce that it has entered into new banking facilities with HSBC.
The RCF is a committed £7.0m five year facility, which expires in September 2020 and replaces the Group’s existing term loan which was due to expire in September 2018.
Both new facilities are provided at a lower interest rate than the facilities being refinanced and covenant testing has been improved. Drawn amounts under RCF attract a variable margin over LIBOR, based on the Group’s Net Debt/EBITDA ratio. Undrawn amounts attract a commitment fee.
Paul Teasdale, CEO of PTSG, said:
“The new banking facilities strengthen our financial position, extend the Group’s debt maturities and refinance our existing Term Loan of £3m. The RCF will help underpin our strategy to generate significant shareholder value through organic growth and complementary acquisitions, whilst the increased overdraft facility from £1.25m to £2.5m gives PTSG greater working capital flexibility, as the business grows.
“We are delighted to continue working with HSBC and the terms of the new facilities reflect the bank’s ongoing confidence in the Group’s strategic prospects and credit quality.”
For further information, please contact:
|Paul Teasdale, Chief Executive Officer
||+44 (0)1977 668771
|Sandy Fraser, James White
||+44 (0)207 496 3000
|Cat Valentine, Katie Matthews
||+44 (0)207 796 4133
About PTSG – www.ptsg.co.uk
PTSG is the UK’s leading provider of façade access and fall arrest equipment services, lightning protection and electrical testing, high-level cleaning and training solutions.
Operating through four divisions, Access & Safety, Electrical Services, High Level Cleaning and Training Solutions, the Group provides highly-engineered industrial products and quality services and has a substantial presence in a number of niche markets.
PTSG provides a central information service for its businesses and champions the dissemination of key information and best practice. PTSG unites its constituent businesses under one clear identity, which supports smarter working and delivers top class service to its customers.
Headquartered in Castleford, West Yorkshire, the Group employs more than 260 people across 11 UK sites, who service more than 100,000 buildings across the whole of the UK for over 8,000 customers in a wide range of industries.