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Crest Nicholson refinances for 'additional funding headroom'

Date: Friday 14 Mar 2014

Crest Nicholson refinances for 'additional funding headroom'

Housebuilder Crest Nicholson announced on Friday that it has signed new banking facilities worth a total of 280m pounds to provide ‘additional funding headroom’.

The new funds, which comprise a £200m revolving credit facility and a £80m ancillary facility, have a term of five years, repayable in March 2019.

They replace the existing £100m revolving credit facility and a £40m ancillary facility which had to be repaid by the end of 2016. Crest Nicholson said the outstanding amount under the old facility will be repaid by the first drawdown of the new funds.

Patrick Bergin, Group Finance Director, said: "The refinancing of our banking facilities at this juncture provides us with additional funding headroom, secured on competitive terms and will ensure that the group is appropriately funded to take advantage of current opportunities for business growth and development."

The original syndicate of Barclays, HSBC and Lloyds are providing the new facilities, along with a new lender, RBS.

Credit Nicholson said that the financial covenants are similar to those under the old facilities.

BC

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