LONDON (Alliance News) - FTSE 250-listed estate agency Countrywide PLC on Monday said it has reached an agreement to increase its financing facilities to GBP250 million from GBP150 million.
The increased financing will be used for general corporate purposes by the company, including funding potential acquisitions, it said.
The GBP250 million revolving credit facility has been provided by its current banking syndicate, comprising Abbey National Treasury Services PLC, AIB Group (UK) PLC, Barclays Bank PLC, HSBC Bank PLC, Lloyds Bank PLC and National Westminster Bank PLC. It will mature on March 20, 2018.
"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," said Countrywide Chief Financial Officer Jim Clarke.
Shares in Countrywide were trading down 0.2% at 500.50 pence on Monday morning.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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