Smart Metering Systems PLC Revised Banking Arrangements (8910W)
13 November 2014 - 8:00AM
UK Regulatory
TIDMSMS
RNS Number : 8910W
Smart Metering Systems PLC
13 November 2014
13 November 2014
Smart Metering Systems plc
Revised Banking Arrangements
The Board of Smart Metering Systems plc (AIM: SMS.L) ("SMS" or
the "Company"), the integrated metering services company that
connects, owns, operates and maintains current generation and new
advanced metering assets and databases, is delighted to announce
that it has reached agreement with its existing lenders, Barclays
Bank PLC (lead bank), Clydesdale Bank PLC and Bank of Scotland PLC
(together, the "Lenders"), on a significant amendment to the
existing long term, GBP105 million revolving credit facilities
announced in March 2014 (the "RCF").
The RCF funds the purchase of meter assets as part of a phased
installation programme. The Company is pleased to confirm that the
Lenders have now agreed to increase the loan-to-value ratio (i.e.
the percentage of the value of each meter asset available to be
funded through the RCF) from 85 per cent. to 100 per cent.
The amended facility is available with immediate effect and the
Company expects to make its first drawdown under the RCF with the
adjusted loan-to-value ratio this month. All other terms, including
the pricing, of the RCF remain unchanged.
Alan Foy, Chief Executive Officer of SMS, commented:
"I am delighted that, once again, our lenders have demonstrated
their willingness to support SMS and its strategy and that we have
been able to agree this important amendment to an already
competitive facility which will provide the Company with
significant additional financial flexibility."
For further information:
Smart Metering Systems
plc 0141 249 3850
Alan Foy, Chief Executive
Officer
Glen Murray, Finance
Director
Cenkos Securities plc 0131 220 6939 / 0207 397 8900
Neil McDonald
Nick Tulloch
Kreab Gavin Anderson 020 7074 1800
Chris Philipsborn
Natalie Biasin
Notes to Editors
About Smart Metering Systems
Established in 1995, Smart Metering Systems plc, based in
Glasgow, connects, owns, operates and maintains metering systems
and databases on behalf of major energy companies.
Currently the Company is concentrating its efforts on offering
its unique integrated services to the UK industrial and commercial
gas market in which its customers have an 80% market share.
The Company has further applications for gas with its ADM(TM)
device which allows "smart" functions such as remote reading and
half-hourly consumption data to be offered to customers in addition
to the normal metering services.
SMS expanded its services into the electricity market through
the acquisition of Utility Partnership Limited in April 2014. The
Company can now provide a fully integrated service from beginning
to end to cover the installation of a gas/electricity
supply/connection to the procurement, installation and management
of a gas or electricity meter asset to the collection and
management of customer data and ongoing energy management services.
Longer term the Company also has additional applications for water
and LPG.
The Company was admitted to the AIM market in July 2011 and is
now part of the FTSE AIM 50 index. For more information on SMS
please visit the Company's website: www.sms-plc.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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