Banking Facilities Renegotiat

RNS Number : 9108V

Michelmersh Brick Holdings PLC

20 July 2009

 



20 July 2009

Michelmersh Brick Holdings plc

('Michelmersh', the 'Company', or the 'Group')

Banking Facilities Renegotiated

Michelmersh Brick Holdings plc (AIM: MBH), the specialist brick, land development and landfill company, stated in its AGM statement on the 21 May 2009 that it had completed the refinancing of its bank debt and renegotiated bank covenants for the next twenty four months at competitive interest rates. Today the Company is pleased to announce that it has successfully completed the refinancing of all of its term loans and overdraft facilities. 

The existing Bridging Loan and Revolving Loan facilities have been extended with repayment now falling due on 1 June 2011. The source of finance for both of these facilities remains with Barclays Bank plc.

Michelmersh Brick Holdings Plc have received further funding from Venture Structured Finance, part of ABN Amro BV. Venture have provided Asset Based Lending facilities on highly favourable terms to Michelmersh, secured on its revolving assets.

Commenting on the renegotiated facilities, Eric Gadsden, Chairman, said:  'Our market and asset position continues to remain strong and even in the present economic circumstances we believe we are well placed and ambitious to take advantage of opportunities as they arise. The renegotiated facilities further underline the confidence in our management team and fully integrated business model.'

For further information:

Michelmersh Brick Holdings plc: Martin Warner, Chief Executive Craig Robinson, Finance Director	01952 265 365
Charles Stanley Securities, Nominated Adviser: Russell Cook	020 7149 6000
Tavistock Communications: Jeremy Carey/Gemma Bradley	020 7920 3150

 

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