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(Sharecast News) - Property developer Harworth Group has secured a new 275m revolving credit facility with a syndicate of existing relationship banks, including NatWest, Santander and HSBC.
Harworth said on Wednesday the facility had an improved core margin of 200 basis points over SONIA, with an initial four-year term, which may be extended to a maximum of five years at Harworth's request, subject to bank consent.
The FTSE 250-listed group noted that the new RCF included an uncommitted accordion option, which if exercised would take it to 325m, with the new facility replacing its existing 240m facility and extends the group's debt maturity by approximately two and a half years years.
Chief financial officer Kitty Patmore said: "We have been able to take advantage of favourable market conditions, and the strong relationships we have with our core blue-chip banking partners, to refinance our RCF on improved terms.
"It extends the duration of our bank facilities to the end of 2029, reduces our costs and provides increased flexibility to invest in our pipeline of sites, as we look to optimise our balance sheet."
Reporting by Iain Gilbert at Sharecast.com
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