TIDMINSE

RNS Number : 7101R

Inspired Energy PLC

31 October 2019

31 October 2019

Inspired Energy plc

("Inspired" or the "Group")

New GBP60.0 million banking facility

Inspired (AIM: INSE), a leading energy consultant to UK and Irish corporates, is pleased to announce that it has entered into a new GBP60.0 million facility agreement ("Facility") with Santander UK PLC ("Santander") and The Governor and Company of the Bank of Ireland ("Bank of Ireland") in order to refinance its existing borrowings and to provide further headroom to support the continued acceleration of the Group's growth and acquisition strategy.

Key terms of the Facility

-- Provided by the Group's incumbent debt provider, Santander, in conjunction with Bank of Ireland, a new lender to the Group.

-- Will be used to refinance the existing indebtedness of the Group and provide additional headroom to support the continued delivery of the Group's growth ambitions.

-- Runs to October 2023 and the Group has an option to extend the term for a further year to October 2024.

-- Consists of a GBP60.0 million revolving credit facility, with enhanced pricing terms from the previous facility, supplemented by a GBP25.0 million accordion option enabling a total commitment of up to GBP85.0 million.

   --      The covenants attached to the facility are:

- Interest Cover - which is not to be less than 4.00:1.00 during the term of the Facility; and

- Adjusted Net Leverage - which is initially limited to not exceed 2.75:1.00 tapering to 2.25:1.00 across the term of the Facility.

Commenting on the new Facility, Paul Connor, Chief Financial Officer of Inspired, said: "The Board is delighted to partner with Santander and Bank of Ireland on this new GBP60.0m revolving credit facility, which provides Inspired with the capital base to deliver on our stated growth strategy. The relationship with Santander has been instrumental in the growth of Inspired since 2013, and the Board sincerely appreciates the continued support to the Group by Santander as we enter the next phase of growth. The Board welcomes Bank of Ireland as a new partner to the Group providing further validation and support to the Group's strategy as Inspired continues to grow its market leading position within the UK and Ireland energy consultancy market."

Enquiries:

 
Inspired Energy plc 
 Mark Dickinson, Chief Executive Officer     +44 (0) 1772 689250 
 Paul Connor, Chief Financial Officer        www.inspiredplc.co.uk 
Shore Capital (Nomad and Joint Broker) 
 Dru Danford 
 Edward Mansfield 
 James Thomas                               +44 (0) 20 7408 4090 
Peel Hunt LLP (Joint Broker) 
 Mike Bell 
 Ed Allsopp                                +44 (0) 20 7886 2500 
Alma PR                                    +44 (0) 20 3405 0205 
 Justine James                              +44 (0) 7525 324431 
                                            inspired@almapr.co.uk

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END

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October 31, 2019 03:00 ET (07:00 GMT)

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