(Alliance News) - Ibstock PLC on Wednesday announced that it has completed the refinancing of its March 2023 GBP215 million revolving credit facility.
The existing facility has been replaced with the issuance of GBP100 million of private placement notes from Pricoa Private Capital, with maturities of between seven and 12 years at an average total cost of funds of 2.2%, and a GBP125 million revolving credit facility provided by a syndicate of five banks.
"These new facilities provide an efficient, long-term funding platform to support the group's investment for growth," the manufacturer of clay bricks and concrete products said.
The revolving credit facility is for an initial four-years, with a one-year extension option, at a margin of between 1.60% and 2.60%, and also includes an additional GBP50 million uncommitted accordion.
Ibstock said that, based on current leverage, it will pay interest under the facility at a margin of 1.60% initially.
Ibstock shares were up 0.5% to 200.62 pence each in London on Wednesday morning.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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Ibstock (IBST)