LONDON--Smart Metering Systems PLC (SMS.LN), a operator of
energy metering systems, Thursday said it entered into a new 45
million pounds banking facility with three major U.K. banks.
MAIN FACTS:
-Entered into the new facility, which is effective as of Aug. 1,
with Barclays Bank PLC (lead bank), Clydesdale Bank PLC and Lloyds
Bank PLC
-New facility replaces the existing arrangement with Clydesdale
Bank PLC, originally made available for GBP12 million in September
2010 and a current outstanding amount of GBP10.6 million.
-Intends to use the new facility to fund the purchase of meter
assets during a phased installation over the course of the next 24
months.
-Facility is a revolver structure over 24 months, repayable
equally over 10 years with a 5 year break.
-Interest is applied to the outstanding balance only.
-Current interest rate swap and cap arrangements will be
terminated and replaced with similar beneficial arrangements on
broadly the same basis.
-Has recently received Full European Patent Approval for its ADM
device, which will come into effect on Aug. 15 and will protect the
company's intellectual property in this important market.
-Shares at 1014 GMT up 3 pence, or 1.4%, at 180 pence.
-Write to Tapan Panchal at tapan.panchal@dowjones.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires