Changes and extensions to Relais Group Plc’s Facilities Agreement
Relais Group Plc Company Release 15.12. 2020 at 10.05
Changes and extensions to Relais Group Plc’s Facilities Agreement
Relais Group Plc has agreed on extensions and amendments of its Facilities Agreement originally concluded in 2019 with its main bank. The Amended and Restated Facilities Agreement includes the refinancing of existing financing for corporate acquisitions and a new term loan facility of EUR 40 million for possible future corporate acquisitions. The Amended and Restated Facilities Agreement will remain in force until the end of May 2023.
The maximum amount of financial liabilities under the Amended and Restated Facilities Agreement is EUR 111 million, comprising of financing for corporate acquisitions of a maximum of EUR 104 million and an RCF limit of EUR 7 million. At the time of the publication of the release, the amount of financing not yet drawn down is EUR 40 million of the loan facility for corporate acquisitions and EUR 4.8 million of the RCF limit.
The terms of the Amended and Restated Facilities Agreement are clearly more favourable to Relais than previously. The agreement contains both a more favourable interest rate margin and significant relaxations of collateral arrangements and covenants and of restrictions on investments and intra-group transfers of funds. The Amended and Restated Facilities Agreement does not contain a separate covenant concerning distribution of dividends. The agreement enables a more efficient use of the group’s financing capacity for corporate acquisitions, and it enhances the management of the group’s liquid assets thanks to the global cash pool arrangement which will be taken into use in during 2021.
“The more favourable financing package supports us excellently in implementing our growth strategy. Corporate acquisitions, along with organic growth, are a central part of our strategy and we want to ensure that we can remain an active player in the consolidation of the vehicle aftermarket in our area of operation even in the future,” says Arni Ekholm, CEO of Relais Group.
Relais Group Plc
Board of Directors
For further information, please contact:
CEO Arni Ekholm
Email: arni.ekholm@relais.fi
Telephone: +358 40 760 3323
Certified adviser:
Evli Bank Plc
Telephone: +358 40 579 6210
Distribution:
Nasdaq Helsinki Ltd
Financial Supervisory Authority
Main media
www.relais.fi
Relais Group Plc in brief
Relais Group is an importer and technical wholesaler of vehicle spare parts and equipment operating in the Nordic and Baltic countries. We are an industrial operator with a sector focus in vehicle life cycle enhancement and related services. We also serve as a growth platform for the companies we own.
We are a profitable company seeking strong growth. We carry out targeted corporate acquisitions in line with our growth strategy and want to be an active player in the consolidation of the aftermarket in our area of operation. Our corporate acquisitions are targeted at companies having a good strategic fit with our group companies.
Our net sales amounted to EUR 98.9 (2018: 72.5) million in 2019, and we employed 258 professionals in five different countries. Our share is listed on Nasdaq Helsinki Ltd's Nasdaq First North Growth Market Finland with the stock symbol RELAIS.
www.relais.fi