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Hayward Tyler Group - Bank facility update and contract win
HAYT Thu, 16 Mar 2017, 10:15 GMT
Further to the announcement made on 28 February 2017, the Group continues to have constructive discussions with its bank, Royal Bank of Scotland, regarding the repayment of £2.4 million of short term banking facilities. The repayment date has been extended from 31 March 2017 to 30 April 2017 and the annualised measurement of the financial covenants has also been put back from 31 March 2017 to 30 April 2017. Additionally, the Group has won a nuclear related order through its US business, this time for the domestic US market. The contract is valued at $2.0m and the seven units are due for delivery during fiscal years 2018/19/20. The agreement will see Hayward Tyler retrofit existing reactor water clean-up motors with its state of the art seal-less technology for a 3,400 MW US nuclear facility.
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