13 Nov 2014 07:00
13 November 2014
Smart Metering Systems plc
Revised Banking Arrangements
The Board of Smart Metering Systems plc (AIM: SMS.L) ("SMS" or the "Company"), the integrated metering services company that connects, owns, operates and maintains current generation and new advanced metering assets and databases, is delighted to announce that it has reached agreement with its existing lenders, Barclays Bank PLC (lead bank), Clydesdale Bank PLC and Bank of Scotland PLC (together, the "Lenders"), on a significant amendment to the existing long term, £105 million revolving credit facilities announced in March 2014 (the "RCF").
The RCF funds the purchase of meter assets as part of a phased installation programme. The Company is pleased to confirm that the Lenders have now agreed to increase the loan-to-value ratio (i.e. the percentage of the value of each meter asset available to be funded through the RCF) from 85 per cent. to 100 per cent.
The amended facility is available with immediate effect and the Company expects to make its first drawdown under the RCF with the adjusted loan-to-value ratio this month. All other terms, including the pricing, of the RCF remain unchanged.
Alan Foy, Chief Executive Officer of SMS, commented:
"I am delighted that, once again, our lenders have demonstrated their willingness to support SMS and its strategy and that we have been able to agree this important amendment to an already competitive facility which will provide the Company with significant additional financial flexibility."
For further information:
Smart Metering Systems plc | 0141 249 3850 |
Alan Foy, Chief Executive Officer | |
Glen Murray, Finance Director | |
Cenkos Securities plc | 0131 220 6939 / 0207 397 8900 |
Neil McDonald | |
Nick Tulloch | |
Kreab Gavin Anderson | 020 7074 1800 |
Chris Philipsborn | |
Natalie Biasin |
Notes to Editors
About Smart Metering Systems
Established in 1995, Smart Metering Systems plc, based in Glasgow, connects, owns, operates and maintains metering systems and databases on behalf of major energy companies.
Currently the Company is concentrating its efforts on offering its unique integrated services to the UK industrial and commercial gas market in which its customers have an 80% market share.
The Company has further applications for gas with its ADM™ device which allows "smart" functions such as remote reading and half-hourly consumption data to be offered to customers in addition to the normal metering services.
SMS expanded its services into the electricity market through the acquisition of Utility Partnership Limited in April 2014. The Company can now provide a fully integrated service from beginning to end to cover the installation of a gas/electricity supply/connection to the procurement, installation and management of a gas or electricity meter asset to the collection and management of customer data and ongoing energy management services. Longer term the Company also has additional applications for water and LPG.
The Company was admitted to the AIM market in July 2011 and is now part of the FTSE AIM 50 index. For more information on SMS please visit the Company's website: www.sms-plc.com.