Bankers/lenders
The Group is firmly committed to long standing partnerships with the financial community.
- On 29 July 2009 the Group was pleased to announce new borrowing arrangements for a £175m three year facility maturing in June 2012, replacing the £125m facility due to expire in May 2010.
- The facility is with a syndicate of five banks, including existing lenders.
- The facility comprises a £50m term loan and a £125m multi-currency revolving credit facility, at a margin range of between 250 and 300 basis points above the three month London Interbank Offered Rate (LIBOR). The new arrangement will repay the existing facility, and cover working capital requirements and increase financial flexibility for the future.
