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Johnson Service gets £78.5 million term loan, revolver for mergers
By Susanna Moon
Chicago, Jan. 6 - Johnson Service Group plc refinanced its bank facilities set to expire in April 2013 with £78.5 million of term and revolving facilities due May 31, 2015 via Lloyds Banking Group, Royal Bank of Scotland and Santander.
The facilities will be drawn by mid-January for "increased headroom for strategic bolt-on acquisitions," according to a company press release.
The agreement consists of an amortizing term loan of £53.5 million and a revolving loan of £25.0 million, which includes an overdraft facility of £5.0 million. The term loan amortizes from December 2012.
Pricing will be Libor plus 250 basis points, with a margin of Libor plus 250 bps to 300 bps.
Johnson Service said it has continued to reduce its debt over the past year with net debt falling to below £50.0 million at the end of December from £59.5 million a year earlier.
Johnson is a London-based provider of workwear and textile rental, drycleaning and facilities management.
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