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Wed August 15 2018

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Speedy wins lenders’ support

11 Oct 17 Hire company Speedy has secured an extension to its bank facilities, in a move seen as a vote of confidence in the recovering business.

Speedy chief executive Russell Down
Speedy chief executive Russell Down

Speedy’s £180m asset based finance facility was due to mature in September 2019. It has now been extended by a further three years to October 2022. 

Terms have been improved which will lower the cost of debt financing. 

The additional uncommitted accordion of £220m remains in place through to October 2022, should further funding requirements be needed.

The facility is split equally between Royal Bank of Scotland, Bank of America Merrill Lynch, Barclays, HSBC and Wells Fargo.           

Speedy chief executive Russell Down said: "We are delighted with this successful outcome which reflects our bankers' confidence in the business. At 30th September net debt is now expected to be less than £65m, and this revised facility, with significant headroom, gives us greater flexibility to support our strategy for growth, and lowers our cost of debt."

 

 

 

MPU

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