REG - Inspiration Health - Grant of Covenant Waiver and Covenant Reset

Inspiration HealthcareAnnouncement

04/11/2024 07:00

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RNS Number : 7506K  Inspiration Healthcare Group PLC  04 November 2024

 

The information contained within this announcement is deemed by the Company to
constitute inside information stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as amended by the Market Abuse (Amendment) (EU Exit)
Regulations 2019. Upon the publication of this announcement via the Regulatory
Information Service, this inside information is now considered to be in the
public domain.

 

Inspiration Healthcare Group plc

("Inspiration Healthcare", the "Company" or the "Group")

 

Grant of Covenant Waiver and Covenant Reset

 

Inspiration Healthcare Group plc (AIM: IHC), the global medical technology
company pioneering best-in-class, specialist neonatal intensive care medical
devices, announces that the Company's lender, HSBC, has granted a waiver in
respect of the EBITDA covenant for the 31 October 2024 test date and a reset
of such covenant at a lower level for the 31 January 2025 test date. The
interest cover and net leverage covenants have also been reset for the period
through to 31 January 2026.  The requirement for the waiver and reset of the
covenants is a result of the previously announced trading conditions noted in
the Group's interim results.

 

In addition, the Company's lender will allow drawdowns on the Revolving Credit
Facility ("RCF") up to £7.8 million, sufficient to cover the funds required
to meet the deferred consideration payment for Airon Corporation (of up to
$1.0 million) due in June 2025. The Company will also continue to be able to
draw down on the £5.0 million Invoice Financing Facility to cover day to day
working capital requirements, which taken together with the RCF, the Directors
believe provides sufficient liquidity headroom for the Group going forward.

 

For further information, please contact:

 

 Inspiration Healthcare Group plc                                                  Tel: +44 (0)330
                                                   175 0000
 Roy Davis, Executive Chair and Interim CEO

 Alan Olby, Chief Financial Officer

 Panmure Liberum (Nominated Adviser & Broker)                                      Tel: +44 (0)20
                                                   3100 2000
 Richard Lindley

 Will King

 Walbrook PR Ltd (Media and Investor Relations)    Tel: +44 (0)20 7933 8780 or inspirationhealthcare@walbrookpr.com
                                                   (mailto:inspirationhealthcare@walbrookpr.com)
 Anna Dunphy                                       Mob: +44 (0) 7876 741 001
 Louis Ashe-Jepson                                 Mob: +44 (0) 7747 515 393

 

About Inspiration Healthcare

 

Inspiration Healthcare (AIM: IHC) designs, manufactures and markets pioneering
medical technology. Based in the UK, the Company specialises in neonatal
intensive care medical devices, which are addressing a critical need to help
to save the lives and improve the outcomes of patients, starting with the very
first breaths of life.

 

The Company has a broad portfolio of its own products and complementary
distributed products, for use in neonatal intensive care designed to support
even the most premature babies throughout their hospital stay. Its own branded
products range from highly sophisticated capital equipment such as ventilators
for life support through to single-use disposables.

 

The Company sells its products directly to hospitals and healthcare providers
in the UK and Ireland, where it also distributes a range of advanced medical
technologies for infusion therapy.  In the rest of the world the Company has
an established network of distribution partners around the world giving access
to more than 75 countries.

 

The Company operates in the UK from its world-class Manufacturing and
Technology Centre in Croydon, South London and from its facility in Hailsham,
East Sussex, and in the USA from its facility in Melbourne, Florida.

 

Further information on Inspiration Healthcare can be found at
www.inspirationhealthcaregroup.com (http://www.inspirationhealthcaregroup.com)

 

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