Cairn Homes Announces Bank Facility Extension

RNS Number : 0260R

Cairn Homes plc

04 March 2016

 

Press release                                                                                               

Cairn Homes Extends Senior Debt Facility

Dublin/London, 4 March 2016: Cairn Homes Plc (LSE:CRN),  ("the Company") the Irish homebuilder, today announces that it has increased its senior debt facility ("Facility") to €200 million, following the admission of Ulster Bank to its banking group. 

The amended Facility, which has a four year term, is on the same terms as the Facility announced in December 2015.

Eamonn O'Kennedy, Finance Director, of Cairn Homes said:

"We are delighted that Ulster Bank has decided to join AIB in our banking group just three months after we announced our first senior debt facility.  This increase to our existing facility secures additional flexible and efficient funding for Cairn Homes for the next four years".

Gervaise McAteer, Head of Commercial Real Estate at Ulster Bank Ireland, said:

"Ulster Bank is pleased to support Cairn Homes Plc and act as Joint Lead Arranger through our commitment of €68 million in the company's upsized €200 million debt facility with RBS supporting as Agent and Security Agent for the facility. We look forward to working with the company and the management team over the coming years as it positions itself as a leading homebuilder in the Irish market through the construction of high quality new homes."

Derek O'Shea, AIB, Head of Land & Development Lending, said:

"AIB is delighted to support the expansion of Cairn Homes Plc as lead finance provider of the newly increased €200 million facility.  The financing will allow Cairn to provide much needed residential property development and AIB looks forward to working with Cairn over the coming years."

-ENDS-

For more information please contact:      

Cairn Homes plc                                                                                              [phone]

Michael Stanley

Eamonn O'Kennedy

Hume Brophy                                                                                                   [phone]

Maria Cryan

Edel Bach  

Notes to Editors

Cairn Homes plc is a well-capitalised Irish homebuilder, with an experienced management team, who are clearly focused on being a significant contributor in the delivery of much needed new homes in Ireland. The Company constructs high quality new houses and apartments with an emphasis on design, innovation and customer service. Cairn acquires greenfield or brownfield sites in Ireland that are suitable for residential development, with an emphasis on Dublin and the Dublin commuter belt, as well as in other major urban centres. www.cairnhomes.com       

 

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