LSL agrees new ?100m banking facility

RNS Number : 4920H

LSL Property Services

20 June 2013

 



For Immediate Release

20 June 2013

LSL Property Services plc

LSL agrees new £100m banking facility

LSL Property Services plc ("the Group" or "LSL"), a leading provider of residential property services, incorporating Estate Agency and Surveying businesses, announces that it has entered into a new £100 million banking facility for a period of just over four years, maturing on 31 August 2017. 

The facility comprises a £95 million revolving credit facility and a £5 million overdraft facility and is provided by a syndicate of four banks. The Group's two existing relationship banks, Barclays Bank plc and Lloyds TSB Bank plc, are joined by HSBC Bank plc and Santander UK plc.  Each bank has committed funding of £25.0m.

The new facility replaces LSL's existing funding package of £75m which provides finance for both working capital and acquisitions. The amount of the new facility has been increased to provide additional debt capacity in line with the increase in Group profitability over the last three years. The financing costs on the new arrangement are comparable to that of the old facility and will vary based on both facility utilisation and the net debt to EBITDA ratio of the Group.

Steve Cooke, LSL Group Finance Director, commented:

"We are delighted with the support shown by our banking partners and are pleased to welcome HSBC and Santander into our banking arrangement.  The new facility will enable LSL to continue to deliver its strategy of investing in organic growth initiatives and making selective value enhancing acquisitions."

For further information, please contact:

Simon Embley, Group Chief Executive Officer

Steve Cooke, Group Finance Director

LSL Property Services plc                                                                             0203 215 1015

Richard Darby, Sophie McNulty and Helen Greenwood

Buchanan                                                                                                        0207 466 5000

www.buchanan.uk.com

Notes to Editors:

LSL Property Services plc is a leading provider of residential property services to its two key customer groups. Services to consumers include: residential sales, lettings, surveying and advice on mortgages and non-investment insurance products. Services to mortgage lenders include: valuations and panel management services, asset management and property management services.  For further information, please visit our website: www.lslps.co.uk.

 

 

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