Manufacturer extends its £61.5m loan facility
North West manufacturer Renold has announced a five-year extension to its banking facilities.
The international supplier of industrial chains and related power transmission products was launched in Manchester 150 years ago.
The company has announced the extension of its core banking facilities that were due to mature in May 2020.
The £61.5m multi-currency revolving credit facility has been extended to March 2024 and includes an additional £20.5m accordion feature which allows the company to access additional funding should the need arise.
The facilities, provided by HSBC, Allied Irish Bank and Citibank, provide a continued platform to support delivery of the group’s strategic plan.
The principal facility terms are either unchanged, including the key Net Debt / EBITDA covenant, or beneficial to Renold.
Robert Purcell, Chief Executive of Renold, said: “We are delighted to announce the extension of our banking facilities which provide a stable financing platform to support the continued strategic development of the Group over the next few years.
“As part of the facility extension, we welcome new lending partners who complement Renold’s extensive geographic reach and can support our operations across the world.”
