Two Year Extension of Revolving Credit Facility

RNS Number : 4485K

Wincanton PLC

14 December 2018

 

                                                                                                                                  14 December 2018

WINCANTON PLC

("Wincanton" or the "Group")

Two Year Extension of Revolving Credit Facility

Wincanton, a leading provider of supply chain solutions in the UK and Ireland, is pleased to announce the successful completion of an Amend and Extend to its existing Multi Currency Revolving Credit Facility (the "Facility").

The key elements of the agreement are as follows:

·      Extend the term of the Facility from expiry in October 2021 to October 2023

·   Maintain the Facility at £141.2m throughout the term and remove mandatory prepayments of £8.8m previously due in October 2019 and October 2020

·     Introduce another Lender to the relationship with ABN Amro Bank NV, joining existing members AIB Group (UK) plc, Barclays Bank plc, HSBC UK Bank plc, and Santander UK plc

·      No change to the existing interest rates

Tim Lawlor, CFO of Wincanton, commented:

"I am pleased that we have been able to extend the maturity of our core financing arrangements for a further two years at existing lending rates which ensures we have sufficient flexibility and certainty to fund our ongoing business activities and provide capacity for future growth".

-Ends-

For further information please contact:

Wincanton Plc	Tel: [phone]
Adrian Colman, Chief Executive Officer
Tim Lawlor, Chief Financial Officer
Buchanan	Tel: [phone]
Richard Oldworth / Chris Lane / Maddie Seacombe

Notes to Editors

Wincanton plc

Wincanton is the largest British logistics firm, providing supply chain solutions to some of the world's most admired brands across a wide range of industries including retail, construction, defence and energy.

As a trusted and respected business partner, we design and implement services and solutions that range from setting up and operating distribution networks through to bonded warehouses, technology hosting, container transport and storage. We strive for operational excellence in everything we do.

We work hard to understand and respond to our customers' needs, build long term relationships and use our skills and expertise to deliver a smarter, added value service, every day. Our customers rely on us to make their businesses operate more efficiently and to gain a competitive advantage in their sector.

Improved stock visibility and availability, reduction of lead times, collaborative warehousing and transport models, and an absolute commitment to continuous improvement, are just some of the reasons why many of our customer relationships extend to more than 20 years.

Key facts:

·      Annual revenue in the UK & Ireland exceeds £1.1 billion

·      Over 17,700 colleagues including 4,000+ drivers 

·      Operates from 200+ locations with 7.6 million square feet of warehousing across the UK and Ireland

·      Operating responsibility for around 3,400 vehicles

 

END

 

 

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