International Greetings PLC Milestone Refinancing Completed (4359A)
07 Juin 2016 - 11:43AM
UK Regulatory
TIDMIGR
RNS Number : 4359A
International Greetings PLC
07 June 2016
07 June 2016
International Greetings PLC ("IG" or "the Group")
Milestone Refinancing Completed
International Greetings Plc, one of the world's leading
designers, innovators and manufacturers, of gift packaging and
greetings, social expression giftware, stationery and creative play
products, is pleased to announce the completion of a global debt
refinancing suite of facilities for up to GBP110 million, with
effect from 6 June 2016.
HSBC, who were already the Group's most material banking
relationship, has agreed to fund all of IG's core and seasonal
working capital requirements for its wholly owned businesses
worldwide, replacing other incumbent funders. The core financing
matures in three years but is capable of extension for a further
two years. The new debt facilities replace substantively all
previous debt facilities used by the Group other than those of the
Group's Joint Venture in Australia which continue to operate
separately.
Commenting on the refinancing, Anthony Lawrinson, Group CFO,
said:
"Our new banking arrangements are not only on improved
commercial terms, but also provide us with greater flexibility,
freedom to act and the ability to fund our businesses in a simpler
and more cohesive way. I am pleased and proud that HSBC is prepared
to underpin our continued growth and development with such a
significant statement of support."
- Ends -
For further information, please contact:
International Greetings plc Tel: 0152 588 7310
Paul Fineman, Chief Executive
Anthony Lawrinson, Chief Financial Officer
Cenkos Securities plc Tel: 0207 397 8900
Bobbie Hilliam
Redleaf Communications Tel: 0207 382 4730
Rebecca Sanders-Hewett
Sarah Fabietti
Susie Hudson
This information is provided by RNS
The company news service from the London Stock Exchange
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June 07, 2016 05:43 ET (09:43 GMT)
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