Severfield agrees new three-year banking facility on improved terms

(Alliance News) - Severfield PLC on Friday said it has signed a new three-year banking facility agreement with its existing lending syndicate.

Existing banking facilities, comprising a GBP60 million revolving credit facility and a GBP7.6 million term loan, were due to mature in December 2027.

The North Yorkshire, England-based maker of structural steel in the UK and India said the new agreement comprises: a renewed GBP60 million revolving credit facility, a continuation of the GBP7.6 million term loan facility, amortising through to December 2027 and a new accordion option of up to an additional GBP30 million, subject to lender consent.

The facilities have an initial three-year term, running to June 2029, with two one-year extension options on the RCF subject to lender consent.

Chief Financial Officer Andrew Page said: "The new facilities enhance our financial flexibility, extend our debt maturity profile and provide improved commercial terms reflecting the group's strengthened financial position, as well as a strong platform to support the group's future growth opportunities."

Severfield will present full-year results and a strategy update on June 23.

Shares in Severfield rose 0.8% to 26.70 pence each in London on Friday.

By Jeremy Cutler, Alliance News reporter

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