Amendment and Extension of Bank Facilities

Judges Scientific, the group focused on acquiring and developing companies in the scientific instrument sector, is pleased to announce that it has amended and extended its existing multi-bank facilities ("Facility") with Lloyds Banking Group plc, Santander and Bank of Ireland (the "Banks").

The changes to the Facility will provide further acquisition financing capacity in support of the Group's buy and build strategy.

The amendments to the Group's Facility are as follows:

• £40m extension of the aggregate to £140m consisting of a £90m revolving credit facility ("RCF") alongside a £50m uncommitted accordion facility, which can be drawn with the agreement of the Banks. This replaces the previous £100m facility which consisted of a £25m term loan ("Term Loan"), a committed £55m RCF and a £20m uncommitted accordion.
• The Facility has been extended by two years giving a four year term running to 1 July 2028 ("Borrowing Term").

As at 30 June 2024 the Term Loan was £10.9m (31 December 2023: £14.1m) and the RCF was £44.3m drawn (31 December 2023: £44.3m drawn), with £10.7m undrawn, alongside the uncommitted £20m accordion.

• Gearing no greater than 3 times Adjusted* EBITDA; and
• Interest Cover no less than 3 times.

Brad Ormsby, Judges' Chief Financial Officer, commented:

"We are delighted that our banks continue to strongly support the Group's long-term growth plans. This larger and extended facility will add increased capability to the Group's deal-making capacity, and highlights our lenders' support of the Group's enduring buy and build growth strategy."