R4E Reach4entertainment Enterprises Plc

TIDMR4E

RNS Number : 2686E

Reach4Entertainment Enterprises PLC

08 April 2014

8 April 2014

reach4entertainment enterprises plc

('r4e' or 'the Group')

SUCCESSFUL BANK REFINANCING

The Board of r4e, the transatlantic media and entertainment company, today announce the completion of a successful bank refinancing.

The new agreement with Allied Irish Bank Group (UK) plc. ('AIB'), for which covenants have been agreed, establishes a six year term from 7 April and a new interest rate of 3 per cent over LIBOR, for r4e's GBP14.8 million revolving credit facility. Numerous capital repayments will be made over the term of the facility at amounts and dates specified in the facility agreement. The first repayment of GBP0.2 million is due in April 2015.

The new agreement replaces r4e's previous agreement with AIB, which was due to expire in May 2015, and provides a meaningful reduction in the interest rate against the Group's previous facility of 4 per cent over LIBOR, rising to 5 per cent over LIBOR from 26 April 2014.

Overall, the Board expects there to be an annual interest saving of around GBP220,000 in the year ending 31 December 2014.

ENDS

Enquiries:

   reach4entertainment                                                           +44 (0) 20 7968 1655 

David Stoller, Executive Chairman

Sarah Hall, Chief Operating Officer

Blytheweigh +44 (0) 20 7138 3204

Paul Weigh +44 (0) 7989 129658

Eleanor Parry +44 (0) 7551 293620

   Cantor Fitzgerald Europe                                                   +44 (0) 20 7894 7000 

Mark Percy (Corporate Finance)

David Banks / Paul Jewell (Corporate Broking)

Allenby Capital +44 (0) 20 3328 5656

Katrina Perez/Kelly Gardiner

This information is provided by RNS

The company news service from the London Stock Exchange

END

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