Flint Group announced significant revisions to its debt facilities, which were successfully concluded with its primary investors on March 7, 2011. In summary these revisions mean that Flint Group can take advantage of a longer period before its debt is due to be repaid and will have considerable additional financial flexibility.
“Whilst we did not have to do this now we considered that it was prudent to take advantage of a favourable environment in the capital markets. Further, taking this action now gives our new CEO significant financial flexibility for the strategic development of the business. It is clear that there is significant recognition by our lending syndicate in the strong financial results achieved by Flint Group since it was formed “ said Mike Bissell, chief financial officer.
A significantly increased acquisitions facility will allow Flint Group to further expand as attractive opportunities become available. Also the ability to extend the life of the debt facility means that Flint Group has the opportunity to avoid refinancing in 2014 when a substantial number of businesses globally will be competing for capital.
Commenting on the new financial arrangements, Antoine Fady, CEO Flint Group, said, “This refinancing effort has clearly demonstrated the confidence our lenders have in the future success of our business. Flint Group has an excellent track record, an experienced management team, a ‘can do’ culture of continuous improvement in safety, quality and customer service and a strong product portfolio – which will all be enhanced by these revisions to our debt facilities.”