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Inspired Energy PLC (INSE)

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Thursday 31 October, 2019

Inspired Energy PLC

New £60 million Banking Facility

RNS Number : 7101R
Inspired Energy PLC
31 October 2019
 

31 October 2019

Inspired Energy plc

("Inspired" or the "Group")

 

New £60.0 million banking facility

 

Inspired (AIM: INSE), a leading energy consultant to UK and Irish corporates, is pleased to announce that it has entered into a new £60.0 million facility agreement ("Facility") with Santander UK PLC ("Santander") and The Governor and Company of the Bank of Ireland ("Bank of Ireland") in order to refinance its existing borrowings and to provide further headroom to support the continued acceleration of the Group's growth and acquisition strategy.

 

Key terms of the Facility

·     Provided by the Group's incumbent debt provider, Santander, in conjunction with Bank of Ireland, a new lender to the Group.

·     Will be used to refinance the existing indebtedness of the Group and provide additional headroom to support the continued delivery of the Group's growth ambitions.

·      Runs to October 2023 and the Group has an option to extend the term for a further year to October 2024.

·      Consists of a £60.0 million revolving credit facility, with enhanced pricing terms from the previous facility, supplemented by a £25.0 million accordion option enabling a total commitment of up to £85.0 million.

·      The covenants attached to the facility are:

-       Interest Cover - which is not to be less than 4.00:1.00 during the term of the Facility; and

-      Adjusted Net Leverage - which is initially limited to not exceed 2.75:1.00 tapering to 2.25:1.00 across the term of the Facility.

 

Commenting on the new Facility, Paul Connor, Chief Financial Officer of Inspired, said: "The Board is delighted to partner with Santander and Bank of Ireland on this new £60.0m revolving credit facility, which provides Inspired with the capital base to deliver on our stated growth strategy. The relationship with Santander has been instrumental in the growth of Inspired since 2013, and the Board sincerely appreciates the continued support to the Group by Santander as we enter the next phase of growth. The Board welcomes Bank of Ireland as a new partner to the Group providing further validation and support to the Group's strategy as Inspired continues to grow its market leading position within the UK and Ireland energy consultancy market."

 

Enquiries:   

 

Inspired Energy plc

Mark Dickinson, Chief Executive Officer

Paul Connor, Chief Financial Officer

 

 

 

+44 (0) 1772 689250

www.inspiredplc.co.uk

Shore Capital (Nomad and Joint Broker)

Dru Danford

Edward Mansfield

James Thomas

 

 

 +44 (0) 20 7408 4090

 

 

 

 

Peel Hunt LLP (Joint Broker)

Mike Bell

Ed Allsopp

 

 

+44 (0) 20 7886 2500

 

Alma PR

Justine James

 

+44 (0) 20 3405 0205

+44 (0) 7525 324431

[email protected]

 

 


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