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Heads of terms agreed on banking facility ext.

10th Dec 2008 07:00

RNS Number : 8436J
Marston's PLC
10 December 2008
 



10 December 2008

MARSTON'S PLC ('Marston's')

HEADS OF TERMS AGREED ON BANK FACILITY EXTENSION TO AUGUST 2013

Marston's announces that it has reached agreement with a syndicate of relationship banks on Heads of Terms for the extension of its bank facility. 

This extends its bank facility to August 2013 with a similar level of operational flexibility as exists under the current arrangements. The amount of the facility will reduce from the current £400 million to £295 million in August 2010, in line with the Group's requirements. The amount drawn under the current facility as at 4th October 2008 was approximately £240 million.

The new bank facility, together with the Group's long term securitisation of approximately £1.1 billion and strong cash flow, will provide an appropriate level of financing for the longer term. 

The new facility is expected to be fully documented and signed in early 2009. 

Paul Inglett, Finance Director, said: “Our recently announced results demonstrated the resilience of our business model and strong cash generation in a difficult year for the industry. This extension will provide a flexible financing structure into the longer term as we continue to develop our competitive position in the market place.”

ENQUIRIES:

Marston's PLC

Hudson Sandler

Paul Inglett, Finance Director

Andrew Hayes / Nick Lyon / James White

 

 

Tel: 01902 329516

Tel: 020 7796 4133

This information is provided by RNS
The company news service from the London Stock Exchange
 
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