New, Longer Banking Arrangement Agreed

RNS Number : 6297W

Bovis Homes Group PLC

30 January 2013

 



30th January 2013

Bovis Homes Group PLC

New, Longer Banking Arrangement Agreed

Bovis Homes Group PLC is pleased to announce that it has signed a new long term unsecured banking deal that provides the Group with significant financial flexibility.  

The Group has entered into a £125 million committed revolving credit facility expiring in March 2017 and a three year term loan of £25 million. This financing arrangement replaces the Group's previous £150 million committed revolving credit facility. The facility syndicate comprises four existing relationship group banks, one of which is providing the term loan, and one new bank.  The facility and the term loan include a covenant package featuring three covenants tested semi-annually as per the previous facility agreement.  The overall financing cost of the new arrangement is in line with the existing facility.

As at 31 December 2012, the Group retained a robust balance sheet with net cash of £19 million. 

Jonathan Hill, Group Finance Director, said:

"The new arrangement provides the Group with a longer, unsecured facility, offering the financial flexibility to enable the Group to continue strong land investment in order to increase the output capacity of the Group, as well as manage its working capital requirements."

-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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