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Fairpoint signs enlarged bank facility; gets £9m VAT repayment
Wednesday, 25th April 2012
Fairpoint Group has signed a new enlarged £13m asset-based revolving credit facility with PNC Financial Services UK. This facility replaces the group's existing committed £8m facility which was due to expire in December.
The new facility, which has a four year maturity, is secured against the group`s book of individual voluntary arrangements and debt management plans.
The amount drawn down against the existing bank facility was £4.5m and this has been transferred to PNC.
2012 annual financing costs under the new facility (including the amortisation of deferred debt raising costs) are expected to be approximately £0.2m higher than those of the old facility, which was signed in 2008.
The group incurred once-off legal and professional costs associated with this refinancing of approximately £0.2m.
Fairpoint also announced that it has received £9m from HMRC in respect of VAT wrongly charged following the decision in Paymex Ltd versus HMRC.
This amount has been received in a client account and the process of applying the refund across the group`s open and closed cases has now commenced.
This activity, which is expected to be largely completed during 2012, is anticipated to result in additional distributions to creditors and exceptional fee income for the group.
At 8:22am: (LON:FRP) share price was +6.5p at 71p
Story provided by StockMarketWire.com
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