REG - Carclo plc - Refinancing Arrangements, Pension Scheme Valuation

CarcloAnnouncement

24/04/2025 16:15

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RNS Number : 1106G  Carclo plc  24 April 2025

24 April 2025

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED TO CONSTITUTE
INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU NO.
596/2014) WHICH IS PART OF UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL)
ACT 2018. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION
IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN

 

Carclo plc

("Carclo" or the "Group")

 

Refinancing Arrangements Secured and Pension Scheme Valuation Update

 

The Board of Carclo plc is pleased to announce that the Group has agreed
refinancing arrangements with Carclo's new lending partner, BZ Commercial
Finance DAC ("BZ") and has also agreed the scheme funding for the Carclo Group
Pension Scheme, with an associated revised schedule of contributions.

 

This is an important step for the Group enabling it to continue to invest in
the business and allow the Group to deliver on its strategy.

 

The new facilities with BZ comprise a Term Loan of £27m and a Revolving
Credit Facility of £9m, replacing the existing facility. This represents an
increase in margin of circa 1.75% over the comparable previous facilities.

 

In parallel, the Group has reached agreement with the Trustees of the Pension
Scheme in respect of both the actuarial deficit and the resultant deficit
repair contributions to be made in accordance with a recovery plan that
details the contributions due over the term of the new financing arrangement
with BZ and for a period beyond, to meet the statutory funding objective.

 

A sum of £5.1m has been paid to the Pension Scheme on completion of the
refinancing, with an additional £3.5m (in line with previous years) gross
annual contribution to be paid in each of the three subsequent years. The
Technical Provisions actuarial deficit, as at 31 March 2024 was £64.5m (31
March 2021 £82.8m).

 

Frank Doorenbosch, CEO, commented:

"This refinancing represents a transformative reset of our financial
foundation. Our new facility with BZ, alongside the significant reduction in
our pension deficit, is far more than a technical financial transaction - it
embodies our commitment to the continuing transformation of Carclo.

 

We now stand ready to accelerate our growth trajectory with greater confidence
and capability. The Board and I extend our appreciation to our dedicated
employees, loyal customers, collaborative suppliers, and supportive
shareholders who have been instrumental in achieving this milestone. Together,
we are a stronger business and Carclo is well positioned to deliver enhanced
value for all our stakeholders in the years ahead."

 

About Carclo plc

Carclo plc is a public company whose shares are quoted on the Main Market of
the London Stock Exchange. The Carclo Group is a global leader in
high-precision components with comprehensive, end-to-end manufacturing
capabilities. With expertise spanning mould design, automation, production,
assembly, and printing, Carclo supports critical growth sectors,
particularly life sciences, aerospace, and optics, with tailored, precision
solutions.

 

LEI: 21380078MEM399JPI956

 

Enquiries:

Carclo plc                             +44 (0) 20
8685 0500

Frank Doorenbosch - Chief Executive Officer

Ian Tichias - Chief Financial Officer

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