Begbies Traynor in £35m refinancing
LISTED insolvency specialist Begbies Traynor Group has completed a £40m refinancing deal.
The new facilities, which are unsecured, comprise of £10m each from HSBC and Santander which mature in July 2017, a £5m overdraft from HSBC and £10m term facility with M&G UK Companies Financing Fund 2, with £5m maturing in April 2020 and £5m maturing in April 2021.
The new package replace the Manchester-based group’s existing £35m debt facilities, which were due to mature in 2014.
The group has considerable headroom under the new facilities – net debt was £18.3m at the end of October 2012.
Executive chairman Ric Traynor said: “”These new facilities provide the Group with an attractive blend of medium and long term financing at competitive rates, reflecting the lenders’ confidence in the group.
“They will underpin the group’s continued focus on maximising performance and growing our cash-generative and profitable business, both organically and through acquisitions.”
Alan Rigby, HSBC’s head of corporate banking in the North West, said: “Begbies Traynor is a specialist in its field and has helped numerous companies to recover through these difficult economic times. It has an excellent management team who are making great strides in taking the business forward.”
