Last checked at 30 Jan 2013 07:00
30th January 2013
Bovis Homes Group PLC
New, Longer Banking Arrangement Agreed
Bovis Homes Group PLC is pleased to announce that it has signed a new long term unsecured banking deal that provides the Group with significant financial flexibility.
The Group has entered into a £125 million committed revolving credit facility expiring in March 2017 and a three year term loan of £25 million. This financing arrangement replaces the Group's previous £150 million committed revolving credit facility. The facility syndicate comprises four existing relationship group banks, one of which is providing the term loan, and one new bank. The facility and the term loan include a covenant package featuring three covenants tested semi-annually as per the previous facility agreement. The overall financing cost of the new arrangement is in line with the existing facility.
As at 31 December 2012, the Group retained a robust balance sheet with net cash of £19 million.
Jonathan Hill, Group Finance Director, said:
"The new arrangement provides the Group with a longer, unsecured facility, offering the financial flexibility to enable the Group to continue strong land investment in order to increase the output capacity of the Group, as well as manage its working capital requirements."
-ENDS-
Enquiries:
David Ritchie, Chief ExecutiveJonathan Hill, Group Finance DirectorBovis Homes Group PLCTel: 01474 876200
Andrew Jaques, Reg Hoare, James White, Giles RobinsonMHP CommunicationsTel: +44 (0)203 128 8756