LONDON (Alliance News) - Retirement housebuilder McCarthy & Stone PLC on Wednesday said it has amended the terms on its GBP200.0 million revolving credit facility.
The company said the amendment has resulted in improved commercial terms, including an extension of the maturity on the facility to 2021 from 2019 and improved margins which will save McCarthy & Stone GBP1.0 million a year in interest.
"This timely refinancing demonstrates the strong and ongoing support of McCarthy & Stone's relationship banks. It allows us to benefit from the prevailing favourable market conditions and extend our debt maturity on more cost-effective terms," said Chief Financial Officer Nick Maddock.
Shares in McCarthy & Stone were up 1.5% to 242.80 pence shortly after market open Wednesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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