CARCLO PLC

Capital/Financing Update • Sep 5, 2022

National Storage Mechanism | Additional information

RNS Number : 1861Y

Carclo plc

05 September 2022

This announcement contains inside information.  Upon the publication of this announcement, this inside information is now considered to be in the public domain.

5 September 2022

Carclo plc

("Carclo" or the "Group")

Tripartite Financing Agreement Secured

The Board is pleased to announce that on 2 September 2022, the Group agreed a revised and extended funding arrangement with the Company's main secured creditors, HSBC and the Pension Scheme.  This arrangement provides access to ongoing bank facilities as well as visibility over repayment schedules through to June 2025.

As part of this agreement, new facilities have been entered into with HSBC, the Group's lending bank, comprising a Term Loan of £34.5m and a Revolving Credit Facility of £3.5m.  In parallel, the Group has reached agreement with the Trustees of the Pension Scheme in respect of both the actuarial deficit and the resultant deficit repair contributions to be made over the next three years in addition to the currently agreed gross contributions of £2.8m (2021), £3.9m (2022) and £3.8m (2023).  Future deficit repair contributions have been agreed at the base position of £3.5m annually plus 25% of any surplus above adjusted EBITDA over £18m (2024), extending to 26% of any surplus above adjusted EBITDA over £18m (2025).

Nick Sanders, the Executive Chair, commented "The completion of this refinancing is another positive milestone in the development of Carclo plc and allows the Group to focus on the execution of our growth strategy, aimed at capturing the significant long-term opportunities available to the Group".

About Carclo plc

Carclo plc is a public company whose shares are quoted on the Main Market of the London Stock Exchange. The Group is a global provider of value-adding engineered solutions for the medical, optical and aerospace industries.

LEI: 21380078MEM399JPI956

Enquiries:

Carclo plc	01924 268040
Nick Sanders - Executive Chair
FTI Consulting	020 3727 1340
Nick Hasell / Susanne Yule

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