Judges Scientific PLC New GBP60.0 million Bank Facility (8040Z)
26 Mayo 2021 - 01:00AM
UK Regulatory
TIDMJDG
RNS Number : 8040Z
Judges Scientific PLC
26 May 2021
Judges Scientific plc
("Judges Scientific", "Judges", the "Company" or the
"Group")
New GBP60.0 million Bank Facility
Judges Scientific, the group focused on acquiring and developing
companies in the scientific instrument sector, is pleased to
announce that it has entered into new banking facilities
("Facility") with Lloyds Banking Group plc (the "Bank") which
replace its existing banking arrangements with the Bank, which were
for an aggregate amount of GBP35.0 million. This new Facility will
provide greater acquisition financing capacity, both in terms of
higher frequency and/or larger deals, in support of the Group's buy
and build strategy.
The Facility is for an aggregate GBP60.0 million consisting of a
GBP19.0 million term loan ("Term Loan"), a committed GBP35.0
million revolving credit facility ("RCF") plus a GBP6.0 million
accordion facility, which can be drawn at the discretion of the
Bank. The Facility replaces the Group's previous facilities of
which GBP19.0m remained drawn. The Facility has a five year term
("Borrowing Term") with covenants and interest consistent with the
previous bank facilities.
The Term Loan amortises on a straight line basis over the
Borrowing Term by quarterly instalments. The RCF is repayable in a
bullet at the end of the Borrowing Term. The accordion facility
increases by the amount paid off the Term Loan, keeping the overall
Facility at GBP60.0 million throughout the Borrowing Term.
The banking covenants remain similar to the previous banking
arrangements, namely:
-- Gearing no greater than 2.5 times Adjusted* EBITDA;
-- Interest Cover no less than 3 times; and
-- Adjusted* EBITDA cover of greater than GBP7.5 million plus
75% of any future acquired company's EBITDA.
The existing lending facilities via Bordeaux Acquisition Limited
("Bordeaux"), the Group's 88% owned subsidiary, remain unchanged.
Bordeaux owns the trading companies of Deben UK Limited and Oxford
Cryosystems Limited .
* Adjusted EBITDA excludes adjusting items relating to
amortisation of acquired intangible assets, acquisition-related
costs, share based payments and hedging of risks materialising
after the end of the year.
Brad Ormsby, Judges' Group Finance Director, commented:
"We are delighted that Lloyds and its Relationship Team have
continued to show their long-term desire to stand behind the
Group's growth trajectory. This Facility will provide the Group
with a substantially larger springboard to continue with the
execution of its buy and build growth strategy."
For further information please contact:
Judges Scientific plc Tel: 020 3829 6970
David Cicurel, CEO
Brad Ormsby, FD
Shore Capital (Nominated Adviser & Broker) Tel: 020 7408 4090
Stephane Auton
Edward Mansfield
Sarah Mather
Liberum (Joint Broker) Tel: 020 3100 2222
Bidhi Bhoma Tel: 020 3405 0205
Euan Brown
Alma PR (Financial Public Relations)
Sam Modlin
Justine James
Joe Pederzolli
Notes to editors:
Judges Scientific plc (AIM: JDG), is a group focused on
acquiring and developing companies in the scientific instrument
sector . The Group consists of 19 businesses acquired since it was
re-admitted to AIM in 2005.
The acquired companies are primarily UK-based with products sold
worldwide to a diverse range of markets including: higher education
institutions, the scientific communities, manufacturers and
regulatory authorities. The UK is a recognised centre of excellence
for scientific instruments. The Group companies hold five Queen's
Awards for innovation and export.
The Group's companies predominantly operate in global niche
markets, with long term growth fundamentals and resilient
margins.
Judges Scientific maintains a policy of selectively acquiring
businesses that generate sustainable profits and cash. Shareholder
returns are created through the repayment of debt, organic growth
and dividends.
For further information, please visit www.judges.uk.com
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