Speedy agrees £180m refinancing

TOOL and equipment rental company Speedy Hire has agreed a new £180m syndicated banking deal.

The Newton-le-Willows-based group has refinanced a £220m facility agreed three years ago and due to expire in August 2015.

It said the new five-year asset-based revolving facility was at an improved margin and included an agreement to support additional funding requirements in the future.

The package was provided by Bank of America Merrill Lynch, Barclays, GE Capital, HSBC, RBS and Wells Fargo, with each bank committing £30m. All the lenders were involved in the previous facility, apart from HSBC which has replaced Lloyds.

Chief executive Mark Rogerson said: “We are delighted to have concluded this refinancing ahead of schedule and on improved terms reflecting our bankers’ confidence in the business. Alongside our ongoing focus on cash generation, the new facility will provide us with the flexibility to support our strategy for growth.”