RENEWED AND EXTENDED BANK FACILITIES

RNS Number : 0131R

Sutton Harbour Holdings PLC

04 March 2016

 

4 March 2016

SUTTON HARBOUR HOLDINGS PLC

("Sutton Harbour Holdings" or "the Company")

RENEWED AND EXTENDED BANK FACILITIES

The Company is pleased to report that it has renewed and extended bank facilities with Royal Bank of Scotland on improved terms for a three year period commencing March 2016. The confirmed committed £25m facility (previously £22.5m which was due to expire in October 2016) comprises term loan and revolving credit facility debt layers. Overall, financing costs are not expected to reduce materially. In addition, the Company maintains its access to an additional rolling £550,000 asset lease financing facility, through the same banking group.

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.

 Ends

Sutton Harbour Holdings plc Jason Schofield - Chief Executive Natasha Gadsdon - Finance Director	01752 204186
Arden Partners James Felix / Benjamin Cryer	0207 614 5917
Yellow Jersey Philip Ranger / Aidan Stanley	07768 534641

 

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