GYG Gyg Plc

RNS Number:1720G
Gyrus Group PLC
2 July 2001

                                                                   2 July 2001



                  GYRUS GROUP PLC ("Gyrus" or the "Company")


                          Securing of debt facility


The Directors of Gyrus are pleased to announce they have secured a #25
million, 2 year debt facility from the Bank of Scotland.


The facility will be used for general working capital purposes, including
those associated with the acquisition of the ENT Business of Smith & Nephew,
Inc. and Somnus Medical Technologies, Inc.


At the same time, the company has also completed the payment of the $18
million deferred obligation ("Deferred Obligation") due to Smith & Nephew plc
("Smith & Nephew"). Following the payment of the Deferred Obligation, Gyrus
will have secured a fully paid up trademark license to use the Richards name
for a period of ten years.  The ENT business of Smith & Nephew is being
renamed Gyrus ENT Inc with the Richards name used for product branding.



Additionally, the Company has given notice of cancellation of the #7.5 million
standby facility (the "Standby Facility") provided by West Equity Bridge
Finance Limited. Under the terms of the Standby Facility, the Company has
agreed to issue warrants on the 5th of July entitling West Equity Bridge
Finance Limited to purchase 596,154 ordinary shares in the Company at an
exercise price of 260p per share.



Commenting on today's announcement, Mark Goble, Group Managing Director of
Gyrus, said:



"We are extremely pleased by commitment shown by the Bank of Scotland in
completing this facility so promptly.  With the integration of the Somnus and
ENT business acquisitions now proceeding at full speed this facility provides
us with the solid financial backing necessary to implement our plans."



Enquiries:


Gyrus Group PLC                                      Tel:  01189 219720
Dr Mark Goble, Group Managing Director
Tom Murphy, Finance Director

Financial Dynamics                                   Tel: 020 7831 3113
Edward Bridges/Sarah Manners

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