REG - Tyman PLC - Refinancing of Debt Facilities

TymanAnnouncement

14/12/2022 12:00

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RNS Number : 7131J  Tyman PLC  14 December 2022

TYMAN PLC

Successful Refinancing of Debt Facilities

Tyman plc ("Tyman" or the "Group"), a leading international supplier of
engineered fenestration components and access solutions to the construction
industry, has completed the refinancing of its bank facilities, maintaining
significant funding to support its growth strategy.

Tyman has secured a new £210 million sustainability-linked Revolving Credit
Facility ("RCF"), which may be increased through an accordion option of up to
£100 million. This has been provided by a combination of existing and new
relationship lenders, demonstrating the robustness of Tyman's business model.
The facility will mature on 13 December 2026, with an option to extend by a
further year.

The financial covenants remain unchanged from the Group's previous £240
million RCF while other terms provide more flexibility for Tyman. Pricing
remains competitive and in addition a portion of the loan margin is now linked
to the performance of the Group on three sustainability metrics which align
with Tyman's immediate sustainability priorities and its 2030 sustainability
roadmap:

1. Reduction in Scope 1 and 2 emissions from the 2019 baseline

2. Year-on-year increase in percentage of revenue from positive-impact
solutions that contribute to the United Nations Sustainable Development Goals

3. Reduction in the Total Recordable Incident Rate per one million hours
worked (excluding the impact of COVID 19)

Progress against these sustainability metrics will be independently verified
on an annual basis. If Tyman achieves some or all of these metrics then the
loan pricing will be reduced for the following year; a shortfall against the
metrics will result in Tyman paying a similar premium to a nominated charity.

Together with the Group's three existing US private placement notes, the Group
has access to total funding of approximately £310 million, with the accordion
of £100 million providing additional funding for acquisition purposes.
Tyman's debt facilities now have an average life of 4.5 years, with 55% of
current borrowings being at fixed rates of interest.

Jason Ashton, Chief Financial Officer, commented:

"We are delighted to have successfully agreed the refinancing of our RCF for
the next five years, particularly with the inclusion of three key
sustainability targets. Following the refinancing of $75 million of
sustainability-linked US private placement notes earlier this year, the RCF
refinancing not only provides additional capital to support our growth
strategy but also reinforces our commitment to put sustainability at the core
of the Group's strategy."

14 December 2022

Enquiries

Tyman plc (investor.relations@tymanplc.com
(mailto:investor.relations@tymanplc.com) , 0207 9768000)

Jo Hallas - Chief Executive Officer

Jason Ashton - Chief Financial Officer

Matt Jones - Head of Investor Relations

 

MHP Communications (tyman@mhpc.com (mailto:tyman@mhpc.com) , 020 3128 8613)

Reg Hoare / Rachel Farrington / Matthew Taylor

 

Notes to editors

Tyman (TYMN: LSE) is a leading international supplier of engineered
fenestration components and access solutions to the construction industry. The
company designs and manufactures products that enhance the comfort,
sustainability, security, safety and aesthetics of residential homes and
commercial buildings. Tyman's portfolio of leading brands serve their markets
through three divisions: Tyman North America, Tyman UK and Ireland and Tyman
International. Headquartered in London, the Group employs approximately 4,300
people with facilities in 16 countries worldwide. Further information is
available at www.tymanplc.com (http://www.tymanplc.com/) .

 

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