1st Apr 2019 11:50
LONDON (Alliance News) - Chains, gears and couplings firm Renold PLC on Monday said it has extended its currently revolving credit facility by four years.
The GBP61.5 million facility will now mature in March 2024, from May 2020 before. It also has a GBP20.5 million accordion which Renold can use if need be.
Debt accordions are provisions that allow a borrower to expand the maximum allowed on a credit line or add a term loan to a credit agreement.
The facilities have been provided by HSBC Holdings PLC, AIB Group PLC, and Citibank.
Renold Chief Executive Robert Purcell commented: "We are delighted to announce the extension of our banking facilities which provide a stable financing platform to support the continued strategic development of the group over the next few years.
"As part of the facility extension, we welcome new lending partners who complement Renold's extensive geographic reach and can support our operations across the world."
Shares were 4.1% higher on Monday at a price of 27.90 pence each.
Related Shares:
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