REG - Renold PLC - Extension of banking facilities

RenoldAnnouncement

23/04/2025 07:00

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RNS Number : 7543F  Renold PLC  23 April 2025

23 April 2025

Renold plc

("Renold", the "Company" or the "Group")

Extension of banking facilities

 

Renold, a leading international supplier of industrial chains and related
power transmission products, is pleased to announce it has refinanced its core
banking facilities that were due to mature in May 2026. The existing
facilities have been amended and extended by a period of two years, and will
be in place until May 2028.

 

The existing multi-currency revolving credit facility has been increased to
£105m from the previous level of £85m. Additionally, the lenders have agreed
in principle (subject to appropriate documentation being signed) to provide an
increased uncommitted £25.0m accordion which will allow the Company to access
additional funding, if required, in support of its acquisition programme as
part of the Group's STEP2 strategy.

 

The new facilities will be provided by the Company's existing banks HSBC,
Allied Irish Bank (GB) and Citibank. The principle facility terms continue,
with the Net Debt / EBITDA covenant at 3.0 times EBITDA, and the EBITDA /
Interest Cover at 4.0 times, and with other key terms remaining unchanged.

 

Commenting, Robert Purcell, Chief Executive of Renold, said:

 

"We are delighted to announce we have reached agreement to extend our banking
facilities, which will provide a stable financing platform to support the
continued strategic development of the Group over the next few years."

 

 

ENQUIRIES:

 

 Renold plc                           IFC Advisory Limited
 Robert Purcell, Chief Executive      Tim Metcalfe
 Jim Haughey, Group Finance Director  Graham Herring
                                      renold@investor-focus.co.uk (mailto:renold@investor-focus.co.uk)

 0161 498 4500                        020 3934 6630

 

 Nominated Adviser and Joint Broker  Joint Broker
 Peel Hunt LLP                       Cavendish Capital Markets Limited
 Mike Bell                           Ed Frisby (Corporate Finance)
 Ed Allsopp                          Andrew Burdis / Harriet Ward (ECM)

 020 7418 8900                       020 7220 0500

 

NOTES FOR EDITORS

 

Renold is a global leader in the manufacture of industrial chains and also
manufactures a range of torque transmission products which are sold throughout
the world to a broad range of original equipment manufacturers and
distributors. The Company has a well-deserved reputation for quality that is
recognised worldwide. Its products are used in a wide variety of industries
including manufacturing, transportation, energy, steel and mining.

 

Further information about Renold can be found on the website at:
www.renold.com (http://www.renold.com)

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