Debt refinancing

(AIM: CRPR) James Cropper plc announced the completion of a refinancing of its debt facilities, including access to a new invoice discounting facility of up to £15m committed for at least three years. As part of the refinancing, the Group will make a part-repayment of £7.1m on its existing UK bank loan, with the remaining balance repayable in reduced quarterly instalments through to March 2030. The maturity of the Group's US bank loan has been extended by 12 months, with the final repayment of $3.2m deferred to December 2027. The Group has agreed to make a one-off contribution into its defined benefit pension schemes of £0.6m, with the previously agreed contribution schedule reduced by £0.35m in aggregate across the period to September 2027. The next triennial actuarial valuation of the pension schemes will be brought forward by 12 months to March 2027. Net debt at 28 March 2026 is stated as less than 1x adjusted EBITDA. The company expects the refinancing will allow the Group to reduce cash financing costs.

Cropper (James)