Cape : completes refinancing and extension of credit facilities

24 June 2016

Cape plc is pleased to announce that it has agreed an 'amend and extend' of its existing revolving credit facility, increasing the facility by a further £5m to £300m and retaining the £50m accordion feature. The facility has a contractual maturity of 23 June 2020, extending the existing debt facility by two years, with an option to extend the facility by a further year by mutual consent. Support from both existing lenders and new lenders offered Cape the opportunity to extend both the term and capacity of the facility and supports the organic and acquisitive growth ambitions of the Group.

The facility has been arranged with a group of 9 banks, comprising existing syndicate members of AIB Group (UK) P.L.C, Barclays Bank plc, DNB Bank ASA, and HSBC Bank plc, ICBC (London) PLC, Lloyds Bank plc and National Westminster Bank PLC and welcomes DBS Bank Ltd and The Governor and Company of the Bank of Ireland.

Commenting on the announcement, Michael Speakman, Chief Financial Officer, said:

'We are pleased with the outcome of this amendment process. We expect the extension to provide flexibility and support our strategy for future growth. We appreciate the strong support that our lenders have shown us during this period of market uncertainty and are delighted to be both retaining existing banks and initiating relationships with new lenders. Completion of this amend and extend during such a difficult economic time for the industry is a testament to the recent financial performance of the group in challenging market conditions and provides the financial capacity to exploit strategic growth opportunities in the future.'

About Cape
Cape (www.capeplc.com), which is premium listed on the main market of the London Stock Exchange, is an international leader in the provision of critical industrial services principally to the energy and natural resources sectors. Our multi-disciplinary service offering includes access systems, insulation, specialist coatings, passive fire protection, refractory linings, environmental services, oil and gas storage tanks and heat exchanger replacement and refurbishment. Cape employs over 16,000 people working across 21 countries and in 2015 reported adjusted revenue of £711.4 million.

Enquiries:
Joe Oatley, Chief Executive, Cape plc
+44 (0) 1895 459 979

Michael Speakman, Chief Financial Officer, Cape plc
+44 (0) 1895 459 979

Ronan Tyrrell, Interim Head of Investor Relations, Cape plc
+44 (0) 1895 459 979

Bobby Morse, Ben Romney & Chris Judd, Buchanan
+44 (0) 207 466 5000