New Banking Arrangement

RNS Number : 6792N

Redrow PLC

11 September 2013

 



11 September 2013

REDROW plc

NEW BANKING ARRANGEMENT

Redrow plc is pleased to announce it has entered into a new four and a half year revolving credit facility which matures in March 2018.

The new arrangement provides the Group with a committed facility of £250m, an increase of £50m on the facility it replaced.  This larger facility gives the Group debt capacity for further investment in land as it continues to grow.  Both the upfront and ongoing costs of the new facility are lower than the previous facility, while the covenant package remains unchanged.

There are five banks within the syndicate, three existing relationship banks (Barclays, The Royal Bank of Scotland and HSBC) together with two new banks (Lloyds Bank Commercial Banking and Santander).

For further information please contact:

Redrow plc

Steve Morgan, Chairman                                              01244 527411

Barbara Richmond, Group Finance Director                  01244 527411

Tulchan Communications

Susanna Voyle/Lucy Legh                                             020 7353 4200

 

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