Smart Metering Systems plc (AIM: SMS.L), is pleased to announce that it has agreed a new £150 million revolving credit facility (the "RCF") with a club of banks which comprises Barclays Bank PLC, Bank of Scotland PLC and Santander UK PLC. The RCF replaces the Group's existing £105 million facility, which was announced in March 2014 and subsequently amended in November 2014, and is also on improved terms.
This increased funding will provide SMS with significant additional financial flexibility as it seeks to accelerate growth and increase investment in its asset base, both in the industrial and commercial ("I&C") market and with the domestic smart meter rollout, which is now underway.
"I am delighted that our lenders continue to show such great support for SMS and its strategy. The improvement to an already competitive facility will provide SMS with a significant additional source of finance."Chief Executive Officer