4th Mar 2016 09:30
LONDON (Alliance News) - Sutton Harbour Holdings PLC on Friday said it has renewed and extended its bank facilities with the Royal Bank of Scotland PLC for a three-year period starting this month.
The agreement includes a GBP25 million facility comprising term loan and revolving credit facility debt layers, and replaces a previous GBP22.5 million facility.
Sutton Harbour said it doesn't expect financing costs to reduce materially, and that it maintains its access to an additional rolling GBP550,000 asset lease financing facility.
"The renewed bank and lease finance facilities provide the company with additional headroom to permit progress with its strategies to realise value from development inventory, undertake infrastructure works to improve performance of business operations and manage seasonal variations in the annual cash cycle," Sutton Harbour said in a statement.
Shares in Sutton Harbour were untraded on Friday, last quoted at 26.46 pence.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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