Smart Metering secures new £280m facility

Smart Metering Systems announced on Monday that it has agreed a new £280m revolving credit facility with a syndicate of banks, comprising Barclays Bank, Santander UK, HSBC UK, Clydesdale Bank and Bank of Scotland.

The AIM-traded firm said the facility replaces its existing £150m facility, which was announced in March 2016.

It claimed the new facility was on “highly competitive” market terms.

The board said the increased funding would mean Smart Metering had significant additional borrowing headroom providing significant financial flexibility as it seeks to continue to accelerate growth and increase investment in its asset base, both in domestic smart opportunities and industrial and commercial meters.

“It is a testament to our business that our existing lenders continue to show such great support for SMS and its strategy, and we are delighted to welcome two additional banks into our syndicate,” said chief executive officer Alan Foy.

“The increased facility will fund our growth in domestic smart metering installs.”