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Tue July 17 2018

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Refinancing for HSS

20 Jun Recovering tool hire chain HSS Hire Group has secured a new term loan facility of £220m and a revolving credit facility of £25m to refinance its corporate debt.

A new revolving credit facility has also been agreed with HSBC and Natwest banks, maturing in December 2022.

Chief financial officer Paul Quested said: "We are very pleased to have successfully secured the long-term refinancing of the group.  This now ensures that we have the appropriate facilities in place to continue delivering on our strategic priorities and the Group's full potential."

HSS made a pre-tax loss of £85.2m in 2017 and a £17.4m loss before that in 2016 but a major restructuring has been put in place to turn the business around.

 

MPU

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