New Debt Facilities

RNS Number : 6243Y

Cairn Homes plc

23 August 2018

 

23 August 2018

Cairn Homes plc

New Debt Facilities

Dublin/London, 23 August 2018: Cairn Homes plc ("Cairn", or the "Company") (ISE/LSE:CRN), the Irish homebuilding company, today announces that it has successfully completed a debt refinancing of its existing €200 million Senior Debt facility with Allied Irish Banks plc and Ulster Bank Ireland DAC into a new €277.5 million Term Loan and Revolving Credit Facility with Allied Irish Banks plc, Ulster Bank Ireland DAC and Barclays Bank Ireland plc. Additionally, the Company completed a €72.5 million Private Placement of Loan Notes with Pricoa Capital Group.

The Term Loan and Revolving Credit Facility mature in December 2022 and the Loan Notes mature between 2024 and 2026. The new facilities are secured by a corporate level debenture.

Tim Kenny, Group Finance Director of Cairn, commented: "We are delighted to have put this substantial and flexible new debt facility in place and continue our strong relationship with AIB and Ulster Bank, as well as building on our banking partners with the addition of Barclays and Pricoa. The new facilities will support the continued growth of our business as well as reducing our finance costs and extending the maturity profile of our debt."

-ENDS-

For more information, please contact:     

Cairn Homes plc                                                                                                                               [phone]

Michael Stanley

Tim Kenny

Drury Porter Novelli                                                                                                                       [phone]
Billy Murphy

Morwenna Rice

Louise Walsh

Powerscourt                                                                                                                                      [phone]

Justin Griffiths

Nick Dibden

Jack Hickey

Notes to Editors

Cairn Homes plc is an Irish homebuilder committed to building high-quality sustainable homes in excellent locations and providing unparalleled customer service at each stage of the home-buying journey. Cairn's highly experienced management team has a clear vision of delivering innovative and thoughtfully designed homes which meet market demand and enhance communities by placing home owners at the very centre of the design process. The Company owns 34 residential development sites with capacity for over 14,100 new homes, over 90% of which are located in the Greater Dublin Area ("GDA") with excellent public transport and infrastructure links. Cairn is today building on twelve sites in the GDA, which will deliver over 3,650 units.

 

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