nmcn Secures GBP24 Million Fundraising, Agrees Debt Renegotiation
21 Juni 2021 - 9:07AM
Dow Jones News
By Jaime Llinares Taboada
nmcn PLC said Monday that it has agreed a renegotiation of its
debt after securing a 14 million pound ($19.3 million) equity
subscription and a GBP10.0 million convertible bridging loan with
new investors.
The U.K. engineering-and-construction company said it has agreed
to issue 70 million shares at a price of 20 pence each to new
investors including Svella PLC--which will buy shares for up to
GBP7.4 million. In addition, the company intends to raise up to
GBP5.0 million via open offer of up to 25 million shares, it
said.
The issue price represents a 89% discount to the 197.5 pence
closing price Friday.
Svella has provided GBP10.0 million via a bridging loan
convertible at a price of 20 pence a share, nmcn said.
As part of the transaction, nmcn has reached an agreement with
Lloyds Bank PLC to renegotiate its debt facilities, it said. The
lender has agreed to extend the existing GBP12.2 million
uncommitted overdraft to Sept. 30, and to provide a GBP5 million
revolving credit facility and a GBP2.5 million term loan, the
company said
"We are pleased to have concluded this arrangement with Svella
and other stakeholders, which will fully re-capitalise the company,
providing a platform for sustainable long term value creation in
our chosen markets," Chairman Ian Elliott said.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com;
@JaimeLlinaresT
(END) Dow Jones Newswires
June 21, 2021 03:01 ET (07:01 GMT)
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