11th Sep 2013 06:35
LONDON (Alliance News) - Redrow plc (RDW.L), a developer of residential and mixed-use properties, has reached a new four and a half year revolving credit facility, maturing in March 2018. The new banking arrangement provides the Group with a committed facility of 250 million pounds, an increase of 50 million pounds on the facility it replaced.
According to Redrow, this larger facility gives it debt capacity for further investment in land as it continues to grow. Both the upfront and ongoing costs of the new facility are lower than the earlier facility, with the covenant package remaining unchanged.
There are five banks within the syndicate, three existing relationship banks, Barclays, The Royal Bank of Scotland and HSBC, along with two new banks such as Lloyds Bank Commercial Banking and Santander.
Copyright RTT News/dpa-AFX
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