21 Feb 2014 14:42
Countrywide plc
21 February 2014
Countrywide increases Finance Facilities to £150 million
The Board of Countrywide plc is pleased to announce that it has reached agreement to increase the amount of its current finance facilities from £100 million to £150 million. The increased finance facilities (the "Facilities") will provide finance for the general corporate purposes of the Countrywide group, including the funding of potential acquisitions.
The Facilities comprise a £100 million term loan and £50 million revolving credit facility and are provided by Countrywide's current syndicate of banks: Abbey National Treasury Services plc, AIB Group (UK) p.l.c., Barclays Bank PLC, HSBC Bank plc, Lloyds Bank plc and National Westminster Bank plc. The Facilities will mature on 20 March 2017, with the first repayment of the term loan scheduled to be made in March 2015. The amount of the Facilities has been increased to provide additional borrowing capacity in line with the increase in the Countrywide group's profitability since its initial public offering in March 2013. Finance costs associated with the Facilities continue to be based on an agreed leverage ratio, and are expected to reduce in the second half of 2014. Minor amendments have also been made to the terms of the Facilities, however no changes have been made to the leverage and interest cover covenants.
Jim Clarke, Group Chief Financial Officer, commented that:
"We are pleased that our existing banking partners continue to support us and are we are able to continue our strategy for growth, both organically and through acquisitions, whilst maintaining conservative levels of financial leverage."
Enquiries:
Investors | Media |
Jim Clarke | Caroline Somers |
Group Chief Financial Officer | Head of Communications |
+44(0)7970 477299 | +44(0)7515 919588 |
About Countrywide plc
Countrywide plc, the UK's largest integrated property services Group, including the largest estate agency and lettings network, operates more than 1,300 associated branches across the UK.
Countrywide plc's network of expertise helps more people move than any other business in the UK and is a leading provider of estate agency, lettings, mortgage services, land and new homes, auctions, surveying, conveyancing and corporate property management services.
Countrywide plc's award-winning service has earned the business 142 high-profile industry awards in the last five years, with customers voting Countrywide Best Large Chain - National category, at the 2013 ESTA awards. Other awards include our Land & New Homes team was named the UK's Best New Homes Agent at the Estate Agency of the Year Awards 2012 and Countrywide Surveying Services and Countrywide Conveyancing Services won the award for Best Anti-Fraud Measure at the Mortgage Finance Gazette Awards 2012.
1. Next Results Announcement
The next trading update is expected to be the 2013 full-year results, due to be issued on 27 February 2014.
2. Forward Looking Statements
This announcement has been prepared solely to provide additional information to the shareholders of Countrywide plc in order to meet the requirements of the FCA's Disclosure and Transparency Rules. It should not be relied on by any other party, or other purposes. Forward-looking statements have been made by the directors in good faith, using information available up until the date on which they approved this statement. Forward-looking statements should be regarded with caution, because of the inherent uncertainties in economic trends and business risks.