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LONDON - Carclo plc, a global leader in high-precision components, has announced a new refinancing arrangement with BZ Commercial Finance DAC, alongside an updated valuation and funding agreement for its pension scheme. The company’s shares are traded on the Main Market of the London Stock Exchange (LON:LSEG).
The new financial framework includes a £27 million term loan and a £9 million revolving credit facility, which replaces the existing credit arrangement and carries a margin increase of approximately 1.75% over the previous facilities. This strategic move is designed to support Carclo’s ongoing investment in its business operations and its long-term strategy.
In conjunction with the refinancing, Carclo has reached an agreement with the trustees of its pension scheme. The deal addresses the actuarial deficit and outlines the deficit repair contributions as part of a recovery plan. The plan spans the term of the new financing and extends beyond to fulfill the statutory funding objective.
Upon completion of the refinancing, Carclo made a £5.1 million payment to the pension scheme, with a commitment to an additional annual contribution of £3.5 million for the next three years, consistent with previous contributions. The Technical Provisions actuarial deficit as of March 31, 2024, was reported at £64.5 million, showing an improvement from £82.8 million as of March 31, 2021.
Frank Doorenbosch, CEO of Carclo, expressed that the refinancing and pension scheme valuation update are more than mere financial adjustments; they signify a commitment to the company’s transformation and future growth. He acknowledged the role of employees, customers, suppliers, and shareholders in reaching this milestone and emphasized the company’s strengthened position to deliver value to all stakeholders.
The information in this article is based on a press release statement from Carclo plc.
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