Refinancing of Banking Facilities

RNS Number : 3579C

Crest Nicholson Holdings PLC

14 March 2014

 



Date: 14 March 2014

Crest Nicholson Holdings plc

Refinancing of banking facilities

Crest Nicholson Holdings plc (the Company or Crest Nicholson, together with its subsidiaries, the Group), one of the UK's leading housing developers, is pleased to announce that it has signed a new banking facility (the New Facility) comprising a  £200 million revolving credit facility and a £80 million ancillary facility. The New Facility has a term of five years, repayable in March 2019.

This replaces the Group's existing senior facilities of £100m revolving credit facility and a £40m ancillary facility which had a repayment date of December 2016 (the Existing Facility).  The total outstanding amount under the Existing Facility will be repaid by the first drawdown under the New Facility.

The banking syndicate for the New Facility comprises the original lenders Barclays Bank plc, HSBC Bank plc and Lloyds Bank plc and a new lender, Royal Bank of Scotland plc. 

The New Facility is subject to certain financial covenants, similar to those previously in place, including gearing, ratio of interest cover to consolidated EBIT and minimum consolidated tangible net worth.

Commenting on the refinancing, Patrick Bergin, the Group Finance Director, said: "The refinancing of our banking facilities at this juncture provides us with additional funding headroom, secured on competitive terms and will ensure that the Group is appropriately funded to take advantage of current opportunities for business growth and development."

For further information please contact:

Kevin Maguire

Company Secretary                                                                   [phone]

 

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