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Northbridge Industrial Services, the industrial services rental company, has issued a strategic and trading update ahead of its AGM to be held at 1pm today.
The update notes that the Groups Power and Reliability business began the year with a record breaking number of orders for manufactured equipment.
Ongoing order levels have remained in line with expectations and encouragingly it is expected that the factory will remain at full capacity through the year.
The company has also announced a £10 million refinancing deal with HSBC. The funding went towards new facility costs, said to be larger than current facilities and more cost-effective.
The new facilities have enabled the company to offer to redeem the Groups £4 million convertible loan notes, on which the interest rate was set to rise to 10% on July 1.
All bondholders have responded to our offer and requested that £3,056,938 of the loan notes are repaid in cash and £943,062 are converted into Ordinary Shares in the Company.