ESTATE AGENT Countrywide said today that it has reached agreement to increase its current finance facilities to £250m from £150m.
The funds will provide finance for ‘general corporate purposes’, including the funding of potential acquisitions, the FTSE 250 company said.
They will provide additional borrowing capacity in line with the increase in Countrywide’s profitability, it said. Finance costs continue to be based on an agreed leverage ratio and, while minor amendments have been made to the terms of the facilities no changes have been made to the leverage and interest cover covenants.
The facilities comprise a £250m revolving credit facility and will mature on 20 March 2018 and are provided by Countrywide’s current syndicate of banks: Abbey National Treasury Services; AIB Group (UK); Barclays Bank; HSBC Bank; Lloyds Bank and National Westminster Bank.
Jim Clarke, group chief financial officer, said: “We are pleased that our existing banking partners continue to support us and we are able to continue our strategy for growth, both organically and through acquisitions, whilst maintaining conservative levels of financial leverage.”
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