Refinancing of Group Borrowings

RNS Number : 8419R

Ibstock PLC

10 November 2021

 

10 November 2021

Ibstock plc

("Ibstock" or "the Group")

Refinancing of Group Borrowings

Ibstock is pleased to announce that it has completed the refinancing of its March 2023 £215 million Revolving Credit Facility (RCF), diversifying its credit sources at attractive rates, whilst simultaneously achieving a significant extension of the Group's debt maturity profile.

The existing facility has been replaced with the issuance of £100 million of private placement notes from Pricoa Private Capital, with maturities of between 7 and 12 years at an average total cost of funds of 2.19%, and a £125 million RCF provided by a syndicate of five banks. The RCF is for an initial four year tenor, with a one year extension option, at a margin of between 1.60% and 2.60%, and also includes an additional £50 million uncommitted accordion.

Based on current leverage, the Group will pay interest under the RCF initially at a margin of 1.60% (compared to 2.00% under the previous RCF agreement).

These new facilities provide an efficient, long-term funding platform to support the Group's investment for growth.

Ibstock plc	01530 261 999
Chris McLeish, CFO
Citigate Dewe Rogerson	020 7638 9571
Kevin Smith
Holly Gillis

About Ibstock plc

Ibstock plc is a leading UK manufacturer of clay bricks and a diversified range of clay and concrete products. Its principal products are clay bricks, brick components, concrete roof tiles, concrete substitutes for stone masonry, concrete fencing and pre‐stressed concrete products.

The Group's two divisions are:

Ibstock Clay: The leading manufacturer by volume of clay bricks sold in the United Kingdom. With 16 manufacturing sites Ibstock Brick has the largest brick production capacity in the United Kingdom. It operates a network of 18 active quarries located close to its manufacturing plants. Ibstock Kevington provides masonry and pre-fabricated component building solutions, operating from 6 sites across the United Kingdom.

Ibstock Concrete: A leading manufacturer of concrete roofing, walling, flooring and fencing products, along with lintels and general concrete building products, with 14 manufacturing plants in the United Kingdom.

 

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