LONDON (Alliance News) - Telford Homes PLC Thursday said it has signed a new USD180 million corporate loan facility to support its growth plans.
The housing developer said the revolving credit facility, which extends to March 2019, is being provided by the company's existing banking partners, HSBC Holdings PLC, Royal Bank of Scotland Group PLC and Santander UK PLC, alongside a new partner, Allied Irish Banks PLC.
The new facility replaces Telford's GBP120 million loan facility and provides "significantly increased working capital flexibility at a lower cost of debt," said the company.
"The board is very pleased to announce today that the group has successfully negotiated a new and improved GBP180 million corporate loan facility that not only offers increased flexibility on site purchases and development funding but, importantly, allows the group to facilitate its growth plans over the next few years," said Financial Director Katie Rogers.
Telford shares were up 0.4% to 386.00 pence per share on Thursday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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