Completion of Refinancing

RNS Number : 5086J

Northgate PLC

13 June 2014

 



13 June 2014

NORTHGATE PLC

COMPLETION OF REFINANCING

Northgate plc ("Northgate", the "Company" or the "Group") today announces that it has completed a refinancing exercise.  The refinancing increases and extends the current committed multi bank facility, whilst also improving pricing. 

Key highlights

·    £113m increase in multi bank facility to £534m; and

·    Maturity extended by one year to 30 June 2018.

Chris Muir, Group Finance Director of Northgate plc, commented: 

"The amended facility reflects the improved strength of the business and provides the Group with further operational and financial flexibility to maximise opportunities for growth where the appropriate return exists."

The Group will be announcing its preliminary results for the year ending 30 April 2014 on 25 June 2014.

For further information, please contact:

Northgate plc                                                 01325 467558

Bob Contreras, Chief Executive

Chris Muir, Group Finance Director

MHP Communications                                 020 3128 8753      

Andrew Jaques                                                         

Barnaby Fry                                                           

Simon Hockridge                                                       

Notes to Editors:

Northgate plc is the leading light commercial vehicle hire business in the UK, Ireland and Spain by fleet size and has been operating in the sector since 1981.

Northgate's core business is the hire of light commercial vehicles to businesses on a flexible basis, giving customers the ability to manage their vehicle fleet requirements in a way which can adapt to changing business needs without the requirement to enter into a long term commitment.

Further information regarding Northgate plc can be found on the Company's website:

www.northgateplc.com

 

END

 

 

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