Daily News: July 11, 2017

HSBC Upsizes Premier Technical Services Facility to $25.8MM

Premier Technical Services Group, a niche specialist services provider, extended its banking facilities with HSBC.

The company’s revolving credit facility has been increased from £10 million ($12.9 million) to £12 million ($15.5 million) with the expiry date remaining unchanged at September 2020. The overdraft facility has also been increased, from £4 million ($5.1 million) to £8 million ($10.3 million).

Both new facilities are provided at the same interest rate and covenant tests as under the previous facility. Drawn amounts under the revolving credit facility attract a variable margin over LIBOR, based on the group’s net Ddebt to EBITDA ratio.

John Foley, chairman of PTSG, said, “The acquisition of Brooke Edgley, which was announced on July 4, 2017, involved an initial cash consideration of £14 million which was entirely financed from the proceeds of a £15 million placing of new ordinary shares to investors. However, this acquisition substantially increases the scale of the group and so we are pleased to announce increased facilities with HSBC who have been the group’s bankers since our formation in 2007. These facilities provide us with sufficient levels of headroom to continue to grow both organically and through carefully selected acquisitions.”