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Speedy Hire PLC (SDY)

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Wednesday 11 October, 2017

Speedy Hire PLC

Amendment and extension of bank facilities

RNS Number : 2377T
Speedy Hire PLC
11 October 2017
 

 

Speedy Hire Plc

("Speedy" or "the Group")

 

Amendment and extension of bank facilities

 

 

11 October 2017

 

 

Speedy, the UK's leading tools, equipment and plant hire services company, operating across the construction, infrastructure and industrial markets, announces an amendment and extension to its existing bank facilities.  The £180m asset based finance facility, which was due to mature in September 2019, has been extended by a further three years, through to October 2022.  Terms have been improved which will lower the cost of the Group's debt financing.  The additional uncommitted accordion (£220m) remains in place through to October 2022, should further funding requirements be needed.

 

The facility is split equally between Royal Bank of Scotland, Bank of America Merrill Lynch, Barclays, HSBC and Wells Fargo.  The interest margin ranges from 150 to 250 basis points (previously 170 to 275 basis points) dependent on leverage and on the components of the borrowing base.  Other terms in the amended agreement are no more onerous to Speedy and the covenant test requirements remain unchanged.

             

Russell Down, Chief Executive, commented:

 

"We are delighted with this successful outcome which reflects our bankers' confidence in the business.  At 30 September net debt is now expected to be less than £65m, and this revised facility, with significant headroom, gives us greater flexibility to support our strategy for growth, and lowers our cost of debt."

 

 

Speedy Hire Plc

Tel: 01942 720 000

Russell Down, Chief Executive


Chris Morgan, Group Finance Director

 

 


Instinctif Partners

Tel: 020 7457 2020

Mark Garraway


James Gray

 


 

 

Notes:

 

Notes to Editors: Founded in 1977, Speedy is the UK's leading provider of tools, equipment and plant hire services to a wide range of customers in the construction, infrastructure and industrial markets, as well as to local trade and industry.  The Group provides complementary support services through the provision of training, asset management and compliance services. Speedy is accredited nationally to ISO50001, ISO9001, ISO14001 and OHSAS18001. The Group operates from 210 fixed sites across the UK and Ireland together with a number of on-site facilities at client locations throughout the UK, Ireland and from an international office based in Abu Dhabi.


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