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LONDON - Harworth Group plc (LSE:HWG), a regeneration and strategic land developer, has signed a new £275 million Revolving Credit Facility (RCF) with its existing banking partners, the company announced in a press release Wednesday.
The new facility replaces Harworth’s previous £240 million arrangement and extends the Group’s debt maturity by approximately 2.5 years. The RCF includes an uncommitted accordion option that could potentially increase the facility to £325 million if exercised.
According to the company, the facility comes with improved terms, featuring a core margin of 200 basis points over SONIA and an initial four-year term. This term may be extended to a maximum of five years subject to bank consent.
The banking syndicate consists of Harworth’s existing relationship banks - NatWest, Santander and HSBC - with provisions to add further lenders.
"We have been able to take advantage of favourable market conditions, and the strong relationships we have with our core blue-chip banking partners, to refinance our RCF on improved terms," said Kitty Patmore, Chief Financial Officer of Harworth.
The refinancing extends the company’s bank facilities to the end of 2029 and provides increased flexibility for investment in its site pipeline. Harworth stated that its target net loan-to-portfolio value remains unchanged at below 20% at year-end and 25% throughout the year.
Harworth Group specializes in regenerating complex sites into industrial, logistics, and residential developments across the North of England and Midlands, with a portfolio spanning over 15,000 acres across approximately 100 sites.
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