Science Group tops up bank loan to maximum level of £17.5m
By Josh White
Date: Friday 29 May 2020
(Sharecast News) - Science Group announced on Friday that it has finalised the top up of its bank loan, increasing the debt to the maximum level of £17.5m, from £16m at 28 May.
The AIM-traded firm said the repayment date of the additional £1.5m was the same as the current loan, being September 2026.
An additional interest rate swap had been taken to fix the interest rate of the incremental debt at an effective rate of 3%.
"The rates fixed via similar swap instruments of 3.5% for the original loan in 2016, and 4% for the first extension of the loan in 2019, remain in place," the board said in its statement.
"Consequently, the resulting effective interest rate for the term loan is 3.5%."
Science Group said the other terms and conditions of the incremental loan were the same as the original facility, as it set out on 16 September 2016.
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