APR Energy PLC Completion of new $770m credit facility (3341P)
18 Agosto 2014 - 8:00AM
UK Regulatory
TIDMAPR
RNS Number : 3341P
APR Energy PLC
18 August 2014
18 August 2014
APR Energy announces completion of new $770m credit facility
-- Replaces previous facility and provides additional $120m of financing
-- Significantly improves covenant flexibility
-- Five-year maturity
-- Expanded and diversified lender base
-- Expansion feature to enable additional future financing up to $1bn
APR Energy plc (LSE: APR), a global leader in fast-track power
solutions, announces that it has closed and funded a new syndicated
credit facility for the Group. The expanded $770m facility,
comprising a $450m revolving credit facility and $320m term loan,
replaces the Group's existing $400m revolving credit facility and
$250m term loan.
The new five-year facility provides the Group with financing
through August, 2019, expands available funding by $120m and
provides significantly improved covenant flexibility. Key financial
covenants include a Total Leverage Ratio (Adjusted EBITDA/Net Debt)
at a maximum of 3.25:1 and an Interest Coverage Ratio (Adjusted
EBITDA/Net Interest) at a minimum of 3.00:1. The new facility also
contains an accordion feature that would allow the total facility
to expand further, up to $1bn, subject to the Group obtaining
additional funding commitments and complying with leverage
covenants.
Underwritten by a syndicate led by Bank of America Merrill Lynch
and HSBC, the facility broadens and diversifies the Group's bank
relationships with both existing and new lenders.
Commenting on the announcement, John Campion, APR Energy's Chief
Executive, said: "We are very pleased to have secured this new,
expanded facility, which strengthens our financial position, gives
us liquidity to manage through our business cycle and provides us
the incremental capacity needed to effectively execute our growth
strategy.
"We appreciate the strong support we continue to receive from
all our lender partners, including our lead underwriters, Bank of
America Merrill Lynch and HSBC, as well as Barclays, JP Morgan and
a number of global partner banks. These represent some of the
largest and most-respected financial institutions in the world, and
the size and terms of the new facility they have provided us
reflect their full confidence in the Group's business model and our
prospects for growth."
Enquiries:
APR Energy plc
Karen Menzel +44 (0) 777 590 6076
Capital MSL
Richard Campbell +44 (0) 20 3219 8800 / +44 (0) 7775 784 933
Richard Gotla +44 (0) 20 3219 8819 / +44 (0) 7904 122 207
About APR Energy
APR Energy is the world's leading fast-track mobile turbine
power business. We provide large-scale, fast-track power, providing
customerswith rapid access to reliable electricity when and where
they need it. APR combines state-of-the-art, fuel-efficient
technology with industry-leading expertise to provide turnkey power
plants that are rapidly deployed, customisable and scalable.
Serving both utility and industrial segments, APR Energy provides
power generation solutions to customers and communities around the
world, with an emphasis on Africa, the Americas, Asia-Pacific and
the Middle East. For more information, visit the Company's website
at www.aprenergy.com.
This information is provided by RNS
The company news service from the London Stock Exchange
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