Inspired PLC Refinancing of existing revolving credit facility (3048T)

TIDMINSE

RNS Number : 3048T

Inspired PLC

14 November 2023

Inspired plc

("Inspired" or the "Group")

Refinancing of existing GBP60.0 million revolving credit facility

Inspired (AIM: INSE), a leading technology enabled service provider supporting businesses in their drive to reduce energy consumption, deliver net-zero, control energy costs and manage their response to climate change, has entered into a new GBP60.0 million revolving credit facility agreement (the "Facility") with Santander UK plc and Bank of Ireland plc (the "Banks"), replacing its current GBP60.0 million facility ("Existing Facility") with the Banks which was due to mature in October 2024.

Summary of the Facility

 
 --   Three-year term until October 2026 with options to enable 
       the Group to extend the term until October 2028. 
 --   Size of the Facility is the same as the Existing Facility, 
       GBP60 million, with an additional GBP25.0 million accordion 
       option. 
 --   Reaffirmation of the long-term support from Santander 
       and Bank of Ireland, who have been working with the Group 
       since 2013 and 2019 respectively. 
 --   Covenants: 
          -    Interest Cover* is not to be less than 4.00:1.00 during 
                the term of the Facility; and 
          -    Adjusted Net Leverage** is increased covenant headroom 
                to not exceed 2.75:1.00 initially with covenant ratio 
                tapering to 2.00:1.00 in the final year of the initial 
                three-year term, in line with the Board's ambition 
                to reduce Adjusted Leverage to below 1.00:1.00. 
 --   Margin spread over SONIA is broadly in line with the Existing 
       Facility reflecting the current interest rate environment 
       and the margin scales down according to the level of Adjusted 
       Net Leverage, aligning to the Board's ambition to reduce 
       Adjusted Net Leverage significantly over the term of the 
       facility.

Commenting on the Facility Paul Connor, Chief Financial Officer of Inspired, said : "We look forward to continuing our relationship with both Santander and Bank of Ireland. Our longstanding relationship with them has been instrumental in the growth of Inspired, and the Board greatly values their ongoing support.

"The Facility continues to provide the Group with the headroom and flexibility to execute on our organic growth strategy as we seek to capitalise on the substantial opportunity within the Optimisation and ESG divisions. The Facility has been structured to align with the Board's focus on cash generation and ambition to reduce adjusted leverage to below 1.00x of Adjusted EBITDA."

Note

*Interest Cover means the ratio of Adjusted EBITDA to net finance charges in respect of any Relevant Period

**Adjusted Net Leverage means, the ratio of total net debt on the last day of that Relevant Period to Adjusted EBITDA in respect of that Relevant Period.

Enquiries:

 
Inspired Energy plc 
 Mark Dickinson, Chief Executive Officer       +44 (0) 1772 689250 
 Paul Connor, Chief Financial Officer          www.inspiredplc.co.uk 
 David Cockshott, Chief Commercial Officer 
 
Shore Capital (Nomad and Joint Broker) 
 Patrick Castle 
 James Thomas 
 Rachel Goldstein                             +44 (0) 20 7408 4090 
Liberum (Joint Broker) 
 Edward Mansfield 
 Satbir Kler                                 +44 (0) 20 7418 8900 
Alma                                         +44 (0) 20 3405 0205 
 Justine James                                +44 (0) 7525 324431 
 Hannah Campbell                              inspired@almastrategic.com 
 Will Ellis Hancock

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November 14, 2023 02:00 ET (07:00 GMT)

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