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You are here: Investors » Debt Investors » Credit Facility

Credit Facility

Invensys plc announced on 16 July 2008 that it had signed a new £400 million multicurrency credit facility. The facility is for a term of five years and is available for drawdown as loans, letters of credit or guarantees.

The main features of the facility are as follows:

• Arrangers were HSBC Bank plc, Lloyds TSB Bank PLC and The Royal Bank
  of Scotland plc.
• Borrowers are Invensys plc and certain subsidiaries.
• It contains customary covenants in relation to financial ratios.
• Acquisitions are permitted up to £100 million per annum in aggregate; in addition, the proceeds from certain disposals may also be used for acquisitions.
• Interest charged at LIBOR plus 2.0% for the first twelve months, and then at a rate based on balance sheet leverage.
• Dividends are allowed provided they are paid out of the previous year’s free cash flow; this restriction does not apply if the Company has investment grade rating.