29th Jul 2016 13:57
LONDON (Alliance News) - Purchaser and manager of debt Arrow Global Group PLC on Friday said it has refinanced its GBP180.0 million multi-currency revolving credit facility provided by four unnamed banks.
Arrow said the margin on the facility has reduced 100 basis points to 2.75% and said the maturity of the revolving credit facility has been extended to November 30, 2019, with a committed option of further extension to July 31, 2021.
Arrow said the cancellation of the previous revolving credit facility will result in a non-cash pretax cost of around GBP3.0 million, relating to writing off previous transaction fees, which will be treated as a non-recurring item in its accounts.
"We continue to benefit from a diversity of funding. Our average debt maturity now stands at more than five years on improved terms, reflecting the strength of the group's balance sheet. The refinanced revolving credit facility, coupled with the euro bonds issued earlier this year, means that we have significant liquidity to support our on going growth strategy," said Chief Financial Officer Rob Memmott.
Shares in Arrow were up 1.9% at 224.28 pence on Friday.
By Hannah Boland; [email protected]; @Hannaheboland
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