REG - Iomart Group PLC - New Bank £100m Revolving Credit Facility

iomartAnnouncement

03/12/2021 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20211203:nRSC4445Ua&default-theme=true

RNS Number : 4445U  Iomart Group PLC  03 December 2021

3 December 2021

iomart Group plc

("iomart" or the "Group" or the "Company")

 

New Bank £100m Revolving Credit Facility

 

iomart Group plc (AIM:IOM), the cloud computing company, is pleased to
announce that it has agreed a refinancing, replacing the Company's existing
single bank Revolving Credit Facility of £80 million that was due to mature
on 30 September 2022, with a new £100m Revolving Credit Facility ("RCF"). The
RCF is provided by a new four bank group consisting of HSBC UK, Royal Bank of
Scotland, Bank of Ireland and Clydesdale Bank.

 

The new facility has an initial maturity date of 30 June 2025, with a 12-month
extension option and benefits from a £50m Accordion Facility in addition to
the £100m committed facility. The RCF has a borrowing cost at the Company's
current leverage levels of 180 basis points over SONIA, compared to 150 basis
points over LIBOR on the prior facility. An arrangement fee will be payable
upfront in addition to a commitment fee on the undrawn portion of the new RCF
on equivalent terms to the previous facility.

 

The RCF and the Accordion Facility (if exercised) provide the Company with
additional liquidity to be used for working capital purposes and to fund
investments, in accordance with the Company's 5-year strategic plan.

 

Scott Cunningham, CFO of iomart Group plc, commented:

 

"We are delighted to have secured an increased and more flexible arrangement
through a diversified bank club. Our four new banks, HSBC UK, Royal Bank of
Scotland, Bank of Ireland and Clydesdale Bank, are very supportive of our
refreshed strategy and clear growth plans, underpinned by the existing strong
and predictable financial model, with high recurring revenue and good cash
generation."

 

 

For further information:

 iomart Group plc                                                                      Tel: 0141 931 6400
 Reece Donovan, Chief Executive Officer
 Scott Cunningham, Chief Financial Officer

 Peel Hunt LLP (Nominated Adviser and Joint Broker)                                    Tel: 020 7418 8900
 Edward Knight, Paul Gillam, James Smith

 Investec Bank PLC (Joint                                                              Tel: 020 7597 4000
 Broker)
 Patrick Robb, Virginia Bull, Sebastian Lawrence

 finnCap Limited (Debt Advisory)                                                       Tel: 020 7220 0500
 Alistair Hay, Graham Cooke, Krishan Raval

 Alma PR                                                                               Tel: 020 3405 0205
 Caroline Forde, Hilary Buchanan, Joe Pederzolli

 

 

 

About iomart Group plc

iomart Group plc (AIM: IOM) is a cloud computing and IT managed services
business providing hybrid cloud infrastructure, network connectivity,
security, and digital workplace capability. Our mission is simple: to make our
customers unstoppable by enabling them to connect, secure and scale anywhere,
anytime. From our portfolio of data centres we own and operate across the UK
to connected sites around the world, our 400-strong team can design and deploy
the right cloud solution for our customers.

 

For further information about the Group, please visit  www.iomart.com
(http://www.iomart.com/)

 

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 (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCBRBDDLUGDGBD