SEC Newgate S.p.A. New Banking Facility (5850W)
12 Dicembre 2019 - 8:00AM
UK Regulatory
TIDMSECG
RNS Number : 5850W
SEC Newgate S.p.A.
12 December 2019
12 December 2019
SEC Newgate S.p.A.
("SEC Newgate" or the "Group")
New Banking Facility
The Board of SEC Newgate (AIM: SECG), the international
communications, advocacy and research group, is pleased to announce
that it has signed a new EUR3m banking facility with Deutsche Bank
S.p.A.; this banking facility will be used to replace the Revolving
Credit Facility provided by Clydesdale Bank to Porta Communications
Plc in 2017.
The new facility has a 48-month maturity with interest payable
quarterly at 3-month EURIBOR (with a floor at 0%) + 1.70%. This a
reduction in margin of 215bps compared to the terms of the
Clydesdale Bank facility. No security has been provided against the
new facility and no covenants are required, reflecting the improved
financial stability of the Group following the merger of SEC S.p.A.
and Porta Communications plc in September 2019. It is expected
that, based on current exchange, LIBOR and 3M EURIBOR rates, the
new facility will result in yearly savings of approximately EUR70k
per annum.
Fiorenzo Tagliabue, group CEO of SEC Newgate, commented:
"The new banking facility marks an important step in SEC
Newgate's three-year Strategic Plan to return to profitability and
strengthen the balance sheet, approved by the Board in November
2019. We are delighted to have started this relationship with
Deutsche Bank Italia which will help us to achieve our ambitious
plans and seize the significant opportunity that we believe exists
for SEC Newgate."
- Ends -
Further information:
For further information please contact:
SEC Newgate S.p.A.
Fiorenzo Tagliabue (Group CEO) Telephone: +39 335 6008858
tagliabue@secrp.com
Emma Kane (Deputy Group CEO, Telephone: +44 (0) 20
CEO Newgate Communications UK) 3757 6860
emma.kane@newgatecomms.com
Arden Partners
Richard Johnson / Benjamin Cryer Telephone: +44 207 614
/ Ciaran Walsh 5900
Notes to Editors
-- Further information is available at www.secnewgate.com
-- On 3 September 2019, SEC S.p.A. and Porta Communications Plc
merged to create SEC Newgate S.p.A.
The Group's principal brands are: ACH SEC Global (Spain); Cambre
Associates (Belgium); Cambre Maroc (Morocco); Clai (France); Kohl
PR (Germany); Martis Consulting (Poland); SEC Latam (Colombia);
Newgate Communications (Abu Dhabi, Australia, Greater China,
Singapore, UK); Newington (UK); Publicasity (UK); SEC Newgate
S.p.A. (Italy); and 2112 (UK).
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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