£50m 4-year Revolving Credit Facility Completion
27 January 2015
STOBART GROUP LIMITED
('Stobart' or 'the Group')
£50m 4-year Revolving Credit Facility Completion
The Board of Stobart Group Limited, the Support Services and Infrastructure group, is pleased to announce the completion of a £50m four-year Revolving Credit Facility (RCF) with Lloyds Bank plc.
The RCF can be drawn, repaid and redrawn in varying amounts as required over its life. This facility provides Stobart with additional committed standby liquidity over the period of the business plan and provides greater funding flexibility.
The RCF replaces the Group's existing credit facility as well as the overdrafts with its current banking providers. All asset finance on vehicles and equipment will remain in place.
Ben Whawell, Chief Financial Officer, said "We are pleased to have completed this new facility with Lloyds and look forward to working with Lloyds as a new banking relationship over this important phase for Stobart."
Enquiries:
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Stobart Group |
+44 20 7851 9090 |
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Andrew Tinkler, Group Chief Executive Officer Richard Butcher, CEO Energy & Infrastructure
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Redleaf PR |
+44 20 7382 4730 |
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Emma Kane Rebecca Sanders-Hewett Charlie Geller |
Stobart@redleafpr.com |
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influence Associates |
+44 20 7287 9610 |
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Stuart Dyble James Andrew
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Notes to Editors
· Focus on Energy and Aviation: Stobart Group is an Infrastructure and Support Services business deriving income from Energy, Aviation, Civil Engineering and Investments. Its strategy is to drive growth and profitability in Energy and Aviation.
· Growing volumes: Stobart sources, processes and delivers fuel to power plants for third parties under long-term contracts. Revenue growth comes from the on-going increase in tonnages supplied, which exceeded 900,000 tonnes in the year to February 2014.
· Growing passenger numbers: Capital expenditure to develop London Southend Airport is largely complete with the extension of the terminal increasing capacity from one to five million passengers. Growing passenger numbers from a broadly fixed cost base will drive profitability.
· Realising value: Stobart will continue to maximise value from its property Investments to support maintained dividends.
· Value creation: The Group realised a 51% interest in its Transport & Distribution business and used the proceeds to reduce its debt significantly, invest in its Infrastructure and Energy divisions and return funds to shareholders.
· Investing for growth: Stobart plans to invest in minority stakes in sustainable biomass and anaerobic digestion plants over the next two years.
· Strong board: Stobart has a strong board led by its' Chairman Iain Ferguson CBE, former Tate & Lyle CEO along with three new Non-Executive Directors
This information is provided by RNS
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