Cropper (J) Share News (CRPR)

(Sharecast News) - James Cropper announced on Thursday that it has completed a refinancing of its debt facilities, including a new invoice discounting facility of up to £15m committed for at least three years, to give the advanced materials and paper and packaging group greater working capital flexibility.

The AIM-traded company said it would make a £7.1m part-repayment on its existing UK bank loan, funded from cash resources and the new facility, with the remaining balance repayable in reduced quarterly instalments to March 2030.

Its US bank loan maturity has also been extended by 12 months, deferring the final $3.2m repayment to December 2027.

Chief financial officer Andrew Goody said the refinancing "materially improves our liquidity and financial flexibility", adding that net debt at 28 March was less than one times adjusted EBITDA.

James Cropper said it would also make a one-off £0.6m contribution to its defined benefit pension schemes, while reducing previously agreed contributions by £0.35m through to September 2027.

At 0943 BST, shares in James Cropper were up 7.43% at 376p.

Reporting by Josh White for Sharecast.com.

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