Accsys Technologies (AXS)

Sector:

Manufacturing

Index:

FTSE AIM All-Share

60.20p
   
  • Change Today:
      1.20p
  • 52 Week High: 107.00
  • 52 Week Low: 50.25
  • Currency: UK Pounds
  • Shares Issued: 239.30m
  • Volume: 96,647
  • Market Cap: £144.06m
  • RiskGrade: 210

Accsys refinances debt facilities with new ABN Amro deal

By Josh White

Date: Tuesday 05 Oct 2021

LONDON (ShareCast) - (Sharecast News) - Wood chemistry technology company Accsys has completed a refinancing of its debt facilities, it announced on Tuesday, through a new bilateral agreement with one of its existing relationship banks ABN Amro.
The AIM-traded firm said the new €60m (£51.1m) three-year bilateral facilities agreement comprised a €45m term loan facility and a €15m revolving credit facility.

It said the term loan would be fully used to repay all of its existing debt, with the exception of the NatWest facility held by the 'Tricoya' consortium, which would remain in place.

The new facility would "significantly simplify" Accsys' debt structure, the board said, which previously included five different debt providers and commercial partners.

It said the term loan was partially amortising, with 5% of the principal repayable per annum after 18 months.

That, together with the revolving credit facility, would provide Accsys with greater liquidity to support the group's growth plans.

The applicable interest rate for the term loan would vary between an all-in cost of 1.75% and 3.25% depending on net leverage, resulting in a "significant improvement" compared to the previous facilities, which had a weighted average cost of about 6%.

Accsys said the revolving credit facility interest rate would similarly vary, but between 2% and 3.5% above EURIBOR.

The new facilities were secured against the assets of the group which are wholly-owned by the company, including customary covenants such as net leverage and interest cover.

"This refinancing provides Accsys with debt facilities on more attractive terms under a simpler debt structure, which reflects Accsys' development over recent years and its established track record of profitability," said chief executive officer Rob Harris.

"The new facilities give us both the flexibility and scope to meet our long-term corporate growth objectives, and we are pleased to agree to these facilities with ABN Amro, one of our long-standing banking partners."

At 1021 BST, shares in Accsys Technologies were up 0.95% at 159p.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

AXS Market Data

Currency UK Pounds
Share Price 60.20p
Change Today 1.20p
% Change 2.03 %
52 Week High 107.00
52 Week Low 50.25
Volume 96,647
Shares Issued 239.30m
Market Cap £144.06m
RiskGrade 210

AXS Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
40.87% below the market average40.87% below the market average40.87% below the market average40.87% below the market average40.87% below the market average
14.29% below the sector average14.29% below the sector average14.29% below the sector average14.29% below the sector average14.29% below the sector average
Price Trend
46.63% below the market average46.63% below the market average46.63% below the market average46.63% below the market average46.63% below the market average
53.85% below the sector average53.85% below the sector average53.85% below the sector average53.85% below the sector average53.85% below the sector average
Income Not Available
Growth
88.38% above the market average88.38% above the market average88.38% above the market average88.38% above the market average88.38% above the market average
100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average

What The Brokers Say

Strong Buy 2
Buy 0
Neutral 1
Sell 0
Strong Sell 0
Total 3
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

AXS Dividends

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Trades for 28-Mar-2024

Time Volume / Share Price
16:27 25 @ 60.00p
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15:51 946 @ 61.00p
15:49 1,000 @ 61.00p

AXS Key Personnel

CFO Steven Salo
CEO Jelena Arsic van Os

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