5 October 2021
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
Accsys Technologies PLC
(“Accsys”, the “Group” or the “Company”)
Refinancing of Group Debt Facilities
Accsys, the fast-growing and eco-friendly company that combines chemistry and technology to create
high performance, sustainable wood building products, today announces that it has completed the
refinance of its Group debt facilities through a new bilateral agreement with ABN AMRO, one of
Accsys’ existing relationship banks.
The new €60m 3-year bilateral facilities agreement with ABN AMRO comprises a €45m Term Loan
Facility and a €15m Revolving Credit Facility (‘RCF’). The €45m Term Loan will be fully utilised to
repay all of the Group’s existing debt, with the exception of the NatWest facility held by the Tricoya®
consortium which will remain in place.
The new facility significantly simplifies Accsys’ debt structure, which previously included five different
debt providers and commercial partners. The Term Loan is partially amortising, with 5% of the
principal repayable per annum after 18 months. This, together with the RCF, will provide Accsys with
greater liquidity to support the Group’s growth plans.
The applicable interest rate for the Term Loan will 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 approximately 6%. The RCF interest rate will similarly vary, but
between 2.0% and 3.5% above EURIBOR.
The new facilities are secured against the assets of the Group which are 100% owned by the
Company and include customary covenants such as net leverage and interest cover.
Rob Harris, Accsys CEO, said: “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. The new facilities give us both the flexibility and scope
to meet our long-term corporate growth objectives, and we are pleased to agree these facilities with
ABN AMRO, one of our long-standing banking partners.”
Ends