30 April 2009
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.
For further information, please contact:
Steve Smith, Chief Executive
Bob Contreras, Finance Director
Hogarth Partnership Limited
020 7357 9477
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 UK, Republic 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: