Refinancing of Banking Facilities
Summary by AI BETAClose X
12 June 2026
Severfield plc
('Severfield', 'the Company' or 'the Group')
Refinancing of Banking Facilities
Severfield plc ("Severfield" or the "Group"), the market-leading structural steel group, is pleased to announce that it has signed a new three-year banking facility agreement with its existing lending syndicate on 11 June 2026.
The Group's existing banking facilities, comprising a £60m revolving credit facility ("RCF") and a £7.6m term loan, were due to mature in December 2027. The new agreement comprises:
· a renewed £60m revolving credit facility ("RCF");
· a continuation of the £7.6m term loan facility, amortising through to December 2027; and
· a new accordion option of up to an additional £30m, subject to lender consent.
The facilities have an initial three-year term, running to June 2029, with two one-year extension options on the RCF subject to lender consent. The refinancing replaces the Group's existing facilities and further strengthens Severfield's liquidity position and financial flexibility.
The facilities remain unsecured and continue to be provided by a strong syndicate of relationship banks, with improved commercial terms reflecting the Group's strengthened financial position, including a reduced margin and more favourable covenant terms
The refinancing provides Severfield with substantial committed liquidity and enhanced financial flexibility to support the Group's operational requirements, ongoing investment priorities and future strategic opportunities across its core UK and European markets.
Andrew Page, Chief Financial Officer, said:
"We are pleased to have successfully completed this refinancing with the continued support of our banking partners. The new facilities enhance our financial flexibility, extend our debt maturity profile and provide improved commercial terms reflecting the Group's strengthened financial position, as well as a strong platform to support the Group's future growth opportunities.
"This refinancing reflects the strength of Severfield's market position, long-term customer relationships and resilient business model. We thank our lenders for their continued support and confidence in the Group."
The Group looks forward to presenting its full year results and strategy update on 23 June 2026.
ENDS
For further information, please contact:
|
Severfield |
Paul McNerney, CEO |
Via Camarco |
|
|
Andrew Page, CFO
|
|
|
|
|
|
|
Camarco |
Ginny Pulbrook |
severfield@camarco.co.uk |
|
|
Tom Huddart |
|
|
Jefferies International |
Sam Barnett |
020 7029 8000 |
|
Panmure Liberum |
Nick How |
020 3100 2000 |
Notes to editors:
Severfield is a market leader in the design, fabrication and construction of structural steel, with a total capacity of c.150,000 tonnes of steel per annum. The Group has six sites, c.1,800 employees and expertise in large, complex projects across a broad range of sectors. The Group also has an established presence in the expanding Indian market through its joint venture partnership with JSW Steel (India's largest steel producer).
The Group delivers steel superstructures through its Core Construction Operations, separated operationally into a Commercial and Industrial division (bringing together the Group's strong capabilities in the industrial and distribution, commercial offices, stadia and leisure, data centres, retail, and health and education market sectors), which includes the Group's European operations, and a Nuclear and Infrastructure division (encompassing the Group's market-leading positions in the nuclear, power and energy, transport (road and rail) and process industries sectors).
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
Latest directors dealings
- 1 minute ago Vanquis Banking Group 20
- 2 hours ago Frasers Group
- 2 hours ago Cavendish Financial
- 2 hours ago Diaceutics
- 2 hours ago AB Dynamics