Harworth Group PLC - Rotherham, South Yorkshire-based regenerator of land for sustainable development - Signs a new £275 million revolving credit facility with existing lenders, replacing its existing £240 million facility. It includes an uncommitted accordion option that would take the RCF to £325 million, notes Harworth. It says it holds an improved margin of 200 basis points over the sterling overnight index average, or Sonia, and possesses an initial four-year term which can be extended to five years. Harworth notes the syndicate includes its existing relationship banks, NatWest Group PLC, Banco Santander SA and HSBC Holdings PLC, with the potential to add more lenders. Adds that the new facility extends its debt maturity by around two and a half years.
‘We have been able to take advantage of favourable market conditions, and the strong relationships we have with our core blue-chip banking partners, to refinance our RCF on improved terms. It extends the duration of our bank facilities to the end of 2029, reduces our costs and provides increased flexibility to invest in our pipeline of sites, as we look to optimise our balance sheet,’ says Chief Financial Officer Kitty Patmore.
Current stock price: 162.00 pence on Wednesday morning in London
12-month change: down 4.7%
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