Water Intelligence PLC - London-based provider of water infrastructure technology solutions - Announces the refinancing of its existing debt and expansion of its credit facilities with US bank, M&T Bank. The refinancing spreads the amortization of around $21 million of total liabilities through 2029 at a fixed rate of 6.35%. The debt service for the next five years requires between 5% and 10% of principal to be repaid each year freeing additional cash for available ‘accretive growth opportunities’. Further, expands credit capacity with a $3 million acquisition line of credit with a floating market rate capped at 8% and a $2 million working capital line of credit at a floating market rate. Following these changes, the group will have more than $20 million in resources.
Executive Chair Patrick DeSouza comments: ‘We are excited by the growth opportunities available to the group in the marketplace. The demand for water and wastewater solutions remains strong, especially given ageing infrastructure.’
Current stock price: 400.00 pence
12-month change: down 7.5%
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