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LONDON (Alliance News) - Industrial chains and power transmission products supplier Renold PLC on Thursday said it has completed a refinancing of its banking facility due to mature in October 2016.
The new facilities will now mature in April 2020 and it includes a GBP20 million accordion facility which will allow the company to secure further funding if required. The existing GBP41 million multi-currency revolving credit facility and GBP8 million in further facilities have been modified in order to boost the flexibility for the company.
The funding continues to be provided by Lloyds Bank Commercial Banking and Handelsbanken.
"The new financing agreement provides ongoing support for our progressive capital investment plans and working capital needs as we transition into the 'Growth' phase of our Strategic Plan. Looking further ahead to Phase Three, the accordion feature also means that the Group will be well placed to take advantage of bolt-on acquisition opportunities that align to our Strategic Plan," said Robert Purcell, Renold's chief executive.
Shares in Renold were up 0.4% to 63.00 pence Thursday morning.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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