Â£250m refinance for SIG
Specialist building products distributor SIG has refinanced its £250m revolving credit facility on more favourable terms.
The Sheffield-headquartered business said the new five-year facility, which matures in October 2019, has been secured with five banks, four of which (Barclays, HSBC, Lloyds and RBS) are existing lenders to the group. The fifth, Commerzbank, introduces a new relationship.
This facility ensures SIG has sufficient funding headroom and liquidity to support its medium-term strategic plans.
In interim results, SIG chief executive Stuart Mitchell said trading conditions in the UK continued to gather momentum, led by the revival in the housing market. Conditions in Mainland Europe, however, remained variable.