Judges Scientific amends and extends multi-bank facilities

(Sharecast News) - Judges Scientific, a group specialising in acquiring and developing companies in the scientific instrument sector, announced amendments and extensions to its multi-bank facilities with Lloyds Banking Group, Santander, and Bank of Ireland on Wednesday.

The AIM-traded company said the changes were set to bolster its acquisition financing capacity, supporting its ongoing buy-and-build strategy.

It said the revised facility included a £40m increase, bringing the total to £140m, consisting of a £90m revolving credit facility (RCF) and a £50m uncommitted accordion facility, which could be accessed with the banks' approval.

That replaced the previous £100m facility, which included a £25m term loan, a £55m committed RCF, and a £20m uncommitted accordion.

The facility's term had been extended by two years, now running until 1 July 2028.

As of 30 June, the term loan stood at £10.9m, and the RCF was fully drawn at £44.3m, with £10.7m undrawn and an additional uncommitted £20m accordion.

The facility's covenants required gearing no greater than three times adjusted EBITDA and an interest cover of no less than three times.

"We are delighted that our banks continue to strongly support the group's long-term growth plans," said chief financial officer Brad Ormsby.

"This larger and extended facility will add increased capability to the group's deal-making capacity, and highlights our lenders' support of the group's enduring buy and build growth strategy."

At 1428 BST, shares in Judges Scientific were up 0.24% at 10,375p.

Reporting by Josh White for Sharecast.com.