Inspired PLC Refinancing of existing revolving credit facility (3048T)
November 14 2023 - 2:00AM
UK Regulatory
TIDMINSE
RNS Number : 3048T
Inspired PLC
14 November 2023
14 November 2023
Inspired plc
("Inspired" or the "Group")
Refinancing of existing GBP60.0 million revolving credit
facility
Inspired (AIM: INSE), a leading technology enabled service
provider supporting businesses in their drive to reduce energy
consumption, deliver net-zero, control energy costs and manage
their response to climate change, has entered into a new GBP60.0
million revolving credit facility agreement (the "Facility") with
Santander UK plc and Bank of Ireland plc (the "Banks"), replacing
its current GBP60.0 million facility ("Existing Facility") with the
Banks which was due to mature in October 2024.
Summary of the Facility
-- Three-year term until October 2026 with options to enable
the Group to extend the term until October 2028.
-- Size of the Facility is the same as the Existing Facility,
GBP60 million, with an additional GBP25.0 million accordion
option.
-- Reaffirmation of the long-term support from Santander
and Bank of Ireland, who have been working with the Group
since 2013 and 2019 respectively.
-- Covenants:
- Interest Cover* is not to be less than 4.00:1.00 during
the term of the Facility; and
- Adjusted Net Leverage** is increased covenant headroom
to not exceed 2.75:1.00 initially with covenant ratio
tapering to 2.00:1.00 in the final year of the initial
three-year term, in line with the Board's ambition
to reduce Adjusted Leverage to below 1.00:1.00.
-- Margin spread over SONIA is broadly in line with the Existing
Facility reflecting the current interest rate environment
and the margin scales down according to the level of Adjusted
Net Leverage, aligning to the Board's ambition to reduce
Adjusted Net Leverage significantly over the term of the
facility.
Commenting on the Facility Paul Connor, Chief Financial Officer
of Inspired, said : "We look forward to continuing our relationship
with both Santander and Bank of Ireland. Our longstanding
relationship with them has been instrumental in the growth of
Inspired, and the Board greatly values their ongoing support.
"The Facility continues to provide the Group with the headroom
and flexibility to execute on our organic growth strategy as we
seek to capitalise on the substantial opportunity within the
Optimisation and ESG divisions. The Facility has been structured to
align with the Board's focus on cash generation and ambition to
reduce adjusted leverage to below 1.00x of Adjusted EBITDA."
Note
*Interest Cover means the ratio of Adjusted EBITDA to net
finance charges in respect of any Relevant Period
**Adjusted Net Leverage means, the ratio of total net debt on
the last day of that Relevant Period to Adjusted EBITDA in respect
of that Relevant Period.
Enquiries:
Inspired Energy plc
Mark Dickinson, Chief Executive Officer +44 (0) 1772 689250
Paul Connor, Chief Financial Officer www.inspiredplc.co.uk
David Cockshott, Chief Commercial Officer
Shore Capital (Nomad and Joint Broker)
Patrick Castle
James Thomas
Rachel Goldstein +44 (0) 20 7408 4090
Liberum (Joint Broker)
Edward Mansfield
Satbir Kler +44 (0) 20 7418 8900
Alma +44 (0) 20 3405 0205
Justine James +44 (0) 7525 324431
Hannah Campbell inspired@almastrategic.com
Will Ellis Hancock
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END
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