CLS Holdings plc announces that it has completed the refinancing of 19 French loans with an aggregate value of 128 million raising an additional 35 million, and has also raised SEK 300 million through a revolving credit facility in Sweden.
In aggregate, this extra £60 million brings to over £225 million the liquid resources, in cash, corporate bonds and undrawn facilities, now available to the Group ( December 31, 2010: £126.4 million).
The French loans were financed by Landesbank Saar and Société Générale. 100.6 million was raised from Saar LB, comprising 15 loans with maturities of between five and seven years. 28.0 million was raised from Société Générale in four loans, each of seven years, with a weighted average loan-to-value of 70% and a margin of 1.5% above Euribor.
Separately the Group has signed a SEK 300 million revolving credit facility with Danske Bank for working capital purposes.
Sten Mortstedt, Executive Chairman of CLS, comments: "We are delighted to have secured these loans and facilities on attractive terms to the Group. They reflect our continuing excellent relationships with Société Générale and Danske Bank, and we are pleased to welcome Saar LB as an important addition to our stable of 20 banks.
"It is testament to the strength of the Group's portfolio and track record, that we are able to arrange these facilities in the current credit markets and economic climate. They give the Group additional flexibility and firepower going forward."
Source: CLS Holdings