Listed-firm PTSG agrees £50m increase to banking facilities

Specialist services provider Premier Technical Services Group (PTSG), based in Castleford, has secured a new £40m committed facilities together with a £10m accordion with HSBC.

The Revolving Credit Facility (RCF) is a £40m four year facility which expires in March 2023 with an option to extend by a further year to March 2024.

 It comprises a committed £30m day one facility together with a £10m accordion option whereby the initial £30m RCF may be increased by up to £10m subject to HSBC’s discretion.

The loan is a committed £10m four year facility which expires in March 2023 with an option to extend by a further year and is subject to annual repayments of £1m.

These facilities replace the Group’s existing £12m RCF, which was due to expire in September 2020, £13m on demand loan and £10m overdraft facility.

John Foley, chairman of PTSG, said: “The Group’s turnover and underlying levels of EBITDA have more than trebled since the original facilities were agreed in 2015. These enlarged facilities, at better margins, provide us with further headroom to allow PTSG to continue to create ongoing shareholder value through organic growth and carefully selected acquisitions.

“We are delighted to continue working with HSBC, who have been the Group’s bankers since our formation in 2007. The new facilities reflect the bank’s ongoing confidence in the Group’s strategic prospects and credit quality.”