Cancellation of Revolving Credit Facility

RNS Number : 0464B

Electra Private Equity PLC

14 June 2016

 

Electra Private Equity PLC

Cancellation of Revolving Credit Facility

Electra Private Equity PLC (the "Company") announces that, having carefully reviewed its cash position, it has decided to cancel its existing £275 million multi-currency revolving credit facility ("RCF").  The RCF is currently undrawn and therefore no repayment is required as a result of the cancellation.

As at 31 March 2016 the Company had gross cash balances of £321 million and net cash was approximately £185 million after giving effect to pending investing activities, the interim dividend, and the redemption of the Zero Dividend Preference shares that mature in August 2016. Against this cash position, the Board believes that the RCF is now surplus to the Company's requirements.

Cancellation of the RCF is expected to result in annual savings to the Company of approximately £3.3 million in commitment and amortised arrangement fees.

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For further information:

On behalf of Electra Private Equity PLC

Brunswick Group LLP                                                                                                                         020 7404 5959

Gill Ackers/Kim Fletcher                                                                                     [e-mail] 

 

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