New £275 million Revolving Credit Facility
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HARWORTH GROUP PLC
('Harworth' or the 'Group' or the 'Company')
Harworth agrees new £275m RCF with existing lenders at improved terms
Harworth Group plc (LSE: HWG), a leading regeneration and strategic land owner and developer, announces that it has signed a new £275 million Revolving Credit Facility ('RCF'). It includes an uncommitted accordion option, which if exercised would take the RCF to £325 million. The facility has an improved core margin of 200 basis points over SONIA, with an initial four-year term, which may be extended to a maximum of five years at Harworth's request, subject to bank consent. The syndicate comprises Harworth's existing relationship banks, NatWest, Santander and HSBC, with the option to add further lenders.
The new facility replaces Harworth's existing £240 million facility and extends the Group's debt maturity by approximately 2.5 years.
Kitty Patmore, Chief Financial Officer of Harworth, commented: "We have been able to take advantage of favourable market conditions, and the strong relationships we have with our core blue-chip banking partners, to refinance our RCF on improved terms. It extends the duration of our bank facilities to the end of 2029, reduces our costs and provides increased flexibility to invest in our pipeline of sites, as we look to optimise our balance sheet. Our target net loan-to-portfolio value of below 20% at year-end and 25% throughout the year remains unchanged."
-ENDS-
For further information
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Harworth Group plc |
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Lynda Shillaw (Chief Executive) Kitty Patmore (Chief Financial Officer) Juliana Weiss Dalton (Investor Relations) |
T: +44 (0)114 349 3131 |
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FTI Consulting |
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Dido Laurimore Richard Gotla Eve Kirmatzis |
T: +44 (0)20 3727 1000 |
About Harworth
Harworth Group plc (LSE: HWG), is a leading regeneration and strategic land owner and developer focused on the Industrial & Logistics (I&L) and Residential sectors. We own, develop, and manage a portfolio of over 15,000 acres of Strategic Land over 100 sites located throughout the North of England and Midlands. We specialise in delivering long-term value for all stakeholders by regenerating large, complex sites, into new I&L developments and serviced remediated land for sale into the I&L and Residential land markets. Our long-term through-the-cycle business model is to create sustainable places, support new homes, jobs and communities where people want to live and work. Visit www.harworthgroup.com for further information. LEI: 213800R8JSSGK2KPFG21
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