RNS Number : 4144R
Northgate PLC
29 April 2009
 



30 April 2009



NORTHGATE PLC


Refinancing Discussion Update


Northgate plc ("Northgate", the "Company" or the "Group"), the UK and Spain's leading specialist in light commercial vehicle hire, today provides an update on its banking discussions.


In its Interim Management Statement on 25 February 2009, Northgate announced that it had initiated discussions with its lending banks and was shortly to do so with its private placement note holders with a view to reshaping both the Company's covenants and debt arrangements to suit the anticipated needs of the Group over the coming years. As an interim stage of the process the banks and private placement note holders have today agreed to defer the date of certain of the covenant tests from 30 April 2009 to 30 June 2009.  


Discussions regarding covenants and debt arrangements continue and a further announcement will be made in due course.



-ENDS-


For further information, please contact:



Northgate plc

01325 467558

Steve Smith, Chief Executive

Bob Contreras, Finance Director


Hogarth Partnership Limited

020 7357 9477

Andrew Jaques

Barnaby Fry

Anthony Arthur



Notes to Editors:

Northgate plc rents light commercial vehicles and sells a range of fleet products to businesses via a network of hire companies in the UKRepublic of Ireland and Spain. Its NORFLEX® product gives businesses access to a flexible method to acquire as many commercial vehicles as they need, without tying up capital or entering a fixed term contract.


Further information regarding Northgate plc can be found on the Company's website:

http://www.northgateplc.com


This information is provided by RNS
The company news service from the London Stock Exchange
 
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