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Barclays, API Group into new banking facilities agreement

Posted on: Mon, 16 Nov 2009 12:53:00 EST

Symbols: APIGF

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Nov 16, 2009 (M2 EQUITYBITES via COMTEX) --
APIGF | Quote | Chart | News | PowerRating -- 16 November 2009 - UK foils and packaging materials company API Group
Plc (LON: API) said today that it has negotiated with its main lender,
Barclays Bank Plc, the principal terms of a new banking facilities
agreement.

The facilities include a term loan of GBP14.4m (USD24.1m/EUR16.1m) at
an interest rate of 4% to 4.5% over LIBOR. The bank will also continue
to provide the company with a multi option overdraft facility of
GBP3.5m, renewable annually.

API Group also agreed to grant the bank a warrant to subscribe to 5% of
its issued share capital at the nominal price of GBP0.01 per share,
exercisable at any time up to the eighth anniversary of the agreement
instead of paying arrangement fees and other costs.

The agreement, expected to be signed in the next two weeks, provides
API Group with funds to meet its requirements until July 2013.

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