REG - Carclo plc - Tripartite Financing Agreement Secured

CarcloAnnouncement

05/09/2022 07:00

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RNS Number : 1861Y  Carclo plc  05 September 2022

This announcement contains inside information.  Upon the publication of this
announcement, this inside information is now considered to be in the public
domain.

 

5 September 2022

 

Carclo plc

 

("Carclo" or the "Group")

 

Tripartite Financing Agreement Secured

 

 

The Board is pleased to announce that on 2 September 2022, the Group agreed a
revised and extended funding arrangement with the Company's main secured
creditors, HSBC and the Pension Scheme.  This arrangement provides access to
ongoing bank facilities as well as visibility over repayment schedules through
to June 2025.

As part of this agreement, new facilities have been entered into with HSBC,
the Group's lending bank, comprising a Term Loan of £34.5m and a Revolving
Credit Facility of £3.5m.  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 over the next three
years in addition to the currently agreed gross contributions of £2.8m
(2021), £3.9m (2022) and £3.8m (2023).  Future deficit repair contributions
have been agreed at the base position of £3.5m annually plus 25% of any
surplus above adjusted EBITDA over £18m (2024), extending to 26% of any
surplus above adjusted EBITDA over £18m (2025).

Nick Sanders, the Executive Chair, commented "The completion of this
refinancing is another positive milestone in the development of Carclo plc and
allows the Group to focus on the execution of our growth strategy, aimed at
capturing the significant long-term opportunities available to the Group".

 

About Carclo plc

Carclo plc is a public company whose shares are quoted on the Main Market of
the London Stock Exchange. The Group is a global provider of value-adding
engineered solutions for the medical, optical and aerospace industries.

 

 

LEI: 21380078MEM399JPI956

 

Enquiries:

 Carclo plc                      01924 268040
 Nick Sanders - Executive Chair

 FTI Consulting                  020 3727 1340
 Nick Hasell / Susanne Yule

 

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