SSV Siteserv

 

TIDMSSV 
 
RNS Number : 6688L 
Siteserv PLC 
11 May 2010 
 

 
 
                          Update on Banking Facilities 
 
                            IEX: STV         AIM: SSV 
Dublin & London | 11 May, 2010: Siteserv plc, ("Siteserv" or the "Group"), the 
support services company, is today providing the market with an update to its 
banking facilities and capital repayment schedule as previously announced on 12 
January, 2010. 
 
Banking Facilities Update 
On 12 January, 2010, Siteserv announced its medium-term capital repayment 
schedule, through to 2015, under its new banking facilities. Details of that 
repayment schedule are set out below: 
 
+-----------------+---------------+ 
| Financial Year  |  Scheduled    | 
|                 |    Capital    | 
|                 |  Repayment    | 
+-----------------+---------------+ 
|ending 30 April  |      EURm       | 
+-----------------+---------------+ 
|                 |               | 
+-----------------+---------------+ 
|      2010       |      2.1      | 
+-----------------+---------------+ 
|      2011       |               | 
+-----------------+---------------+ 
|      2012       |     1.25      | 
+-----------------+---------------+ 
|      2013       |      4.3      | 
+-----------------+---------------+ 
|      2014       |      8.5      | 
+-----------------+---------------+ 
|      2015       |     11.3      | 
+-----------------+---------------+ 
 
The Group has fixed a significant portion of its debt at attractive interest 
rates. Siteserv has now fixed a total of c.75% of its debt for between 2 and 3 
years resulting in an average blended fixed and variable interest rate of c. 5% 
for the Group (based on current variable interest rates). This repayment 
schedule and the fixing of rates provide significantly enhanced financial 
flexibility and greater certainty on future interest payments. 
 
Mr Brian Harvey, Siteserv CEO, commented: 
 
"We are pleased to provide the market with a further update on our cost of 
capital and medium-term capital commitments. We have successfully fixed a 
substantial portion of our outstanding debt at attractive rates. Our objective 
now is to use the financial flexibility we have, under our new bank facilities, 
to continue to drive organic growth and maximize our free cash flow to reduce 
debt over the medium-term." 
 
Contacts 
+--------------------------+-----------------------------------+ 
| Siteserv plc             |                                   | 
|                          |                                   | 
| Brian Harvey     Chief   |                                   | 
| Executive                |                                   | 
| Niall Devereux   Group   |                                   | 
| Finance Director         |                                   | 
| +353 1  6011550          |                                   | 
|                          |                                   | 
+--------------------------+-----------------------------------+ 
| Davy                     |                                   | 
|                          |                                   | 
| Stephen Barry            |                                   | 
| JJ Cahill                |                                   | 
| +353 1 679 6363          |                                   | 
|                          |                                   | 
+--------------------------+-----------------------------------+ 
| FD K Capital Source      |                                   | 
|                          |                                   | 
| Jonathan Neilan          |                                   | 
| +353 1 6633686 / +353 86 |                                   | 
| 231 4135                 |                                   | 
|  jonathan.neilan@fd.com  |                                   | 
+--------------------------+-----------------------------------+ 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 MSCBCGDUIUBBGGG 
 

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