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Northgate Increases Multi-Bank Facility, Extends Maturity Date

Fri, 13th Jun 2014 08:21

LONDON (Alliance News) - Northgate PLC Friday said it has completed a refinancing exercise, which has increased its multi-bank facility and extended the maturity date, whilst also improving pricing.

The light commercial vehicle hire business said it has increased its multi-bank facility by GBP113 million to GBP534 million, and also has extended the maturity date by one year to June 30, 2018.

"The amended facility reflects the improved strength of the business and provides the group with further operational and financial flexibility to maximise opportunities for growth where the appropriate return exists," said Finance Director Chris Muir in a statement.

The FTSE 250 company said it will announce its full year results on June 25.

Northgate shares were trading 0.6% lower Friday morning at 513.00 pence.

By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty