Further Banking Arrangement Agreed

RNS Number : 4372M

Bovis Homes Group PLC

27 August 2013

 



27^th August 2013

Bovis Homes Group PLC

Further Banking Arrangement Agreed

Bovis Homes Group PLC is pleased to announce that it has signed a further £50m commitment as part of its banking deal to provide the Group with additional financial flexibility.  

The Group has signed a £50m extension to the £125 million committed revolving credit facility agreed in January 2013 taking the facility to £175m in total. Combined with the three year term loan of £25 million entered into in January 2013, the Group now has £200m of facilities in place. The £50m extension, with the existing syndicate banks, expires in December 2015 with the remaining £125m expiring in March 2017.

As at 30 June 2013, the Group retained a robust balance sheet with net debt of £48 million following significant land investment in H1 2013. This additional facility gives the Group improved financial flexibility to take advantage of opportunities in the consented and strategic land market.

-ENDS-

Enquiries:

David Ritchie, Chief Executive
Jonathan Hill, Group Finance Director
Bovis Homes Group PLC
Tel:   [phone]

Andrew Jaques, Reg Hoare, James White, Giles Robinson
MHP Communications
Tel:   [phone]

 

END

 

 

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