STV Group plc today announces that it has entered into a renewal of its £70.0m bank facility comprising a £37.5m term loan and £32.5m revolving credit and overdraft facility with 31 December 2014 maturity dates. The term loan facility partially amortises across the facility term.
The new facility includes a provision for an extension, until March 2016, subject to lender approval and the extension or renewal of STV’s broadcast licences being confirmed prior to 31 December 2013. The new facility is secured and is provided by Bank of Scotland plc; Barclays Corporate; and Santander UK plc.
The facility will be used to replace the Group’s existing bank facility which expires on 31 December 2012 and contains increased interest margins which reflect current market conditions. The key financial covenants remain interest cover and leverage.
The renewal ensures STV Group plc has facilities with a maturity profile that allows the company to focus on securing licence renewal and continued delivery of its growth strategy.
George Watt, Chief Financial Officer said: “We are very pleased to have successfully renewed our bank facilities in the current market conditions. These new facilities will provide the Group with certainty in the medium to long term and flexibility to continue to pursue our growth ambitions.”
STV Group plc will announce its Preliminary Results for the financial year ending 31 December 2011 on 23 February 2012.
STV Group plc:
Rob Woodward, Chief Executive Officer
George Watt, Chief Financial Officer
Kirstin Stevenson, PR Manager - 0141 3003670
College Hill - 0207 457 2020