Stobart Group Limited £50m 4-year Revolving Credit Facility Completion (1737D)
27 Gennaio 2015 - 8:01AM
UK Regulatory
TIDMSTOB
RNS Number : 1737D
Stobart Group Limited
27 January 2015
27 January 2015
STOBART GROUP LIMITED
('Stobart' or 'the Group')
GBP50m 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
GBP50m 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:
Stobart Group +44 20 7851 9090
Andrew Tinkler, Group Chief Executive
Officer
Richard Butcher, CEO Energy & Infrastructure
Redleaf PR +44 20 7382 4730
Emma Kane Stobart@redleafpr.com
Rebecca Sanders-Hewett
Charlie Geller
influence Associates +44 20 7287 9610
Stuart Dyble
James Andrew
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
The company news service from the London Stock Exchange
END
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