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Energy Assets in funds deal

ENERGY Assets expects to achieve further growth after securing another £20 million debt funding.

The Livingston-based industrial gas meter specialist said it has agreed a £20m extension of an existing facility provided by the Lombard North Central arm of Royal Bank of Scotland, in a deal which will allow the company to cut its interest bills.

The company said the interest rate applicable to £24m existing borrowings under the original facility reduced from an average 8.3% to a fixed rate of 5.27% from Tuesday.

Energy Assets said this would generate savings of £500,000 in the first full year.

Interest on future drawdowns will be charged at 3.375% plus LIBOR, at around 0.5%.

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