Premier Technical Services Group (PTSG), the Castleford-based niche specialist services provider, has announced a £40 million committed facilities together with a £10 million accordion with HSBC.
The Revolving Credit Facility (RCF) is a £40 million four-year facility which expires in March 2023 with an option to extend by a further year to March 2024.
It comprises a committed £30 million day 1 facility together with a £10 million accordion option whereby the initial RCF may be increased by up to £10 million subject to HSBC’s discretion.
The Loan is a committed £10 million four-year facility which expires in March 2023 with an option to extend by a further year and is subject to annual repayments of £1 million.
These facilities replace the Group’s existing £12 million RCF which was due to expire in September 2020, £13 million on demand loan and £10 million overdraft facility.
“The Group’s turnover and underlying levels of EBITDA have more than trebled since the original facilities were agreed in 2015,” said PTSG Chairman John Foley.
“These enlarged facilities, at better margins, provide us with further headroom to allow PTSG to continue to create ongoing shareholder value through organic growth and carefully selected acquisitions.
“We are delighted to continue working with HSBC, who have been the Group’s bankers since our formation in 2007.
“The new facilities reflect the bank’s ongoing confidence in the Group’s strategic prospects and credit quality.”