Last checked at 23 Aug 2018 07:00
23 August 2018
Cairn Homes plc
New Debt Facilities
Dublin/London, 23 August 2018: Cairn Homes plc ("Cairn", or the "Company") (ISE/LSE:CRN), the Irish homebuilding company, today announces that it has successfully completed a debt refinancing of its existing €200 million Senior Debt facility with Allied Irish Banks plc and Ulster Bank Ireland DAC into a new €277.5 million Term Loan and Revolving Credit Facility with Allied Irish Banks plc, Ulster Bank Ireland DAC and Barclays Bank Ireland plc. Additionally, the Company completed a €72.5 million Private Placement of Loan Notes with Pricoa Capital Group.
The Term Loan and Revolving Credit Facility mature in December 2022 and the Loan Notes mature between 2024 and 2026. The new facilities are secured by a corporate level debenture.
Tim Kenny, Group Finance Director of Cairn, commented: "We are delighted to have put this substantial and flexible new debt facility in place and continue our strong relationship with AIB and Ulster Bank, as well as building on our banking partners with the addition of Barclays and Pricoa. The new facilities will support the continued growth of our business as well as reducing our finance costs and extending the maturity profile of our debt."
-ENDS-
For more information, please contact:
Cairn Homes plc +353 1 696 4600
Michael Stanley
Tim Kenny
Drury Porter Novelli +353 1 260 5000Billy Murphy
Morwenna Rice
Louise Walsh
Powerscourt +44 20 7250 1446
Justin Griffiths
Nick Dibden
Jack Hickey
Notes to Editors
Cairn Homes plc is an Irish homebuilder committed to building high-quality sustainable homes in excellent locations and providing unparalleled customer service at each stage of the home-buying journey. Cairn's highly experienced management team has a clear vision of delivering innovative and thoughtfully designed homes which meet market demand and enhance communities by placing home owners at the very centre of the design process. The Company owns 34 residential development sites with capacity for over 14,100 new homes, over 90% of which are located in the Greater Dublin Area ("GDA") with excellent public transport and infrastructure links. Cairn is today building on twelve sites in the GDA, which will deliver over 3,650 units.