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eEnergy Group PLC - London-based energy efficiency-as-a-service provider - Enters new revolving credit facility, replacing all existing borrowing facilities, with unnamed Santa Clara, California-headquartered Silicon Valley Bank. New facility for GBP5 million over three years.
Refinances GBP3.1 million of existing borrowings and expects to draw down a further GBP1 million to cover part of the deferred consideration payment to the vendors of UtilityTeam.
"The new facility gives the company enhanced liquidity, more flexible financing, and a strong partner to help support its growth strategy. Whilst the blended cost of the finance will be significantly lower than the refinanced facilities, the board's earnings expectations are unchanged for the current financial year," company says.
Current stock price: 12.06 pence, up 2.6% on Friday
12-month change: down 37%
By Paul McGowan; paulmcgowan@alliancenews.com
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