27th Jan 2015 09:01
LONDON (Alliance News) - Stobart Group Ltd on Tuesday said it has secured a GBP50 million four-year revolving credit facility with Lloyds Bank PLC, part of Lloyds Banking Group PLC.
Stobart said the funding will provide the company with additional committed standby liquidity over the period of the business plan and provides greater funding flexibility.
The deal replaces its existing revolving credit facility, along with the overdrafts in place with its current lenders. All asset finance for the group on its vehicles and equipment will remain in place, it said.
"We are pleased to have completed this new facility with Lloyds and look forward to working with Lloyds as a new banking relationship over this important phase for Stobart," said Stobart Chief Financial Officer Ben Whawell.
Stobart shares were down 0.2% to 110.563 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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