Revised Bank Facility


 

TIDMLMR 
 
RNS Number : 6355X 
Luminar Group Holdings PLC 
09 December 2010 
 

Luminar Group Holdings plc 
Revised Bank Facility 
Luminar Group Holdings plc ("Luminar" or "the Group") announces that it has 
signed a revised three year facility of GBP99m (the "New Facility") with its 
banking group comprising Lloyds TSB, Barclays Capital and The Royal Bank of 
Scotland (the "Banking Group"). 
The New Facility comprises two term loans of GBP44m and GBP40m repayable over 
three years and a revolving credit facility (RCF) of GBP15m. The weighted 
average cash interest rate for the New Facility is 7.8%. 
To align its hedging position with the size of the New Facility, the Group has 
terminated a portion of its current LIBOR swaps arrangements. Following this 
cancellation, the Group will remain 100% hedged. Costs of about GBP8m relating 
to termination of the LIBOR swaps, restructuring and professional fees will be 
charged as an exceptional item in this financial year. 
The main financial covenants applying to the New Facility are that leverage (the 
ratio of Net Debt to EBITDA) should not be more than 3.8 times, reducing to 2.0 
times over the life of the New Facility, and that the fixed interest cover is 
not less than 1.35 times rising to 1.75 times. 
The Group has also granted the lending banks equity warrants over 5% of its 
existing issued share capital at a subscription price per warrant share equal to 
the current nominal value of 25 pence per share, exercisable at any time up to 
the seventh anniversary of the agreement 
Philip Bowcock, Finance Director, said: 
"We are pleased to have the continued support of our Banking Group and to have 
concluded these negotiations. With the New Facility in place and many new 
operational initiatives recently undertaken Luminar has a firmer foundation from 
which to progress." 
                                                                 9 December 2010 
Enquiries: 
+----------------------------------+-------------------------------+ 
| Luminar Group Holdings plc       | Tel: 01908 544100             | 
+----------------------------------+-------------------------------+ 
| Simon Douglas, Chief Executive   |                               | 
+----------------------------------+-------------------------------+ 
| Philip Bowcock, Finance Director |                               | 
+----------------------------------+-------------------------------+ 
|                                  |                               | 
+----------------------------------+-------------------------------+ 
| College Hill                     | Tel: 020 7457 2020            | 
+----------------------------------+-------------------------------+ 
| Matthew Smallwood                |                               | 
+----------------------------------+-------------------------------+ 
| Jamie Ramsay                     |                               | 
+----------------------------------+-------------------------------+ 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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