The Board of Smart Metering Systems plc (AIM: SMS.L) ("SMS" or the "Company"), the integrated metering services company that connects, owns, operates and maintains current generation and new advanced metering assets and databases, is delighted to announce that it has signed new long term debt facilities with its existing club of lenders, Barclays Bank PLC (lead bank), Clydesdale Bank PLC and Bank of Scotland PLC on significantly improved terms which include a 10 year repayment profile.
The GBP105 million revolving credit facility (the "RCF"), replaces the existing GBP45 million facility which was put in place in August 2012; it will provide SMS with significant additional financial flexibility as it seeks to accelerate growth and increase investment in its asset base. SMS intends to use the new RCF to fund the purchase of meter assets during a phased installation over the course of the next 24 months.
"I am delighted that SMS continues to receive the very strong support of its lenders. The revised arrangements, which are on substantially improved terms to an already competitive facility, will provide SMS with the necessary resources to further increase investment in metering assets over the next 24 months and will assist us to deliver on our strategy and continue to grow the business."Chief Executive Officer