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LONDON (Alliance News) - Cairn Homes PLC said Thursday it has refinanced its existing EUR200 million senior debt facility with Allied Irish Banks PLC and Ulster Bank Ireland DAC into a new term loan and revolving credit facility.
The homebuilding company said the refinancing resulted in a term loan of EUR277.5 million and added Barclays Bank Ireland PLC to its lenders.
Both the loan and the facility will mature in December 2022.
Additionally, the company said it completed a EUR72.5 million private placement of loan notes with Pricoa Capital Group. The notes will mature between 2024 and 2026.
"The new facilities will support the continued growth of our business as well as reducing our finance costs and extending the maturity profile of our debt," Finance Director Tim Kenny said.
Cairn Homes shares were trading 0.1% lower at EUR1.62 each on Thursday.
