REG - Severfield PLC - Completion of successful refinancing

SeverfieldAnnouncement

20/12/2021 16:35

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RNS Number : 2525W  Severfield PLC  20 December 2021

20 December 2021

Severfield plc

('the Company' or 'the Group')

Completion of successful refinancing

 

Severfield plc, the market leading structural steel group, today announces the
completion of a refinancing of its revolving credit facility ('RCF') with its
current banking syndicate.

 

The new £50m RCF provides additional liquidity above the £25m RCF which it
replaces and extends the term of the facility which now expires in December
2026. The RCF remains subject to three financial covenants, interest cover,
net debt to EBITDA and debt service (cash flow) cover.

 

The new facility provides the Group with enhanced liquidity and long-term
financing to help support its growth strategy.

 

 

For further information, please contact:

 

Severfield                                    Alan
Dunsmore                                    01845
577 896

Chief Executive Officer

 

Adam
Semple                                      01845
577 896

Group Finance Director

 

Jefferies International                  Simon Hardy
                                       020
7029 8000

 Will
Soutar                                           020
7029 8000

 

Camarco                                      Ginny Pulbrook
                                   020 3757
4980

Tom Huddart
 
020 3757 4980

 

 

Notes to editors:

Severfield is the UK's market leader in the design, fabrication and
construction of structural steel, with a total capacity of c.165,000 tonnes of
steel per annum. The Group has six sites, c.1,500 employees and expertise in
large, complex projects across a broad range of sectors. The Group also has an
established presence in the expanding Indian market through its joint venture
partnership with JSW Steel (India's largest steel producer).

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