Begbies completes refinancing deal
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 a £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 facilities replace the group’s existing £35m debt facilities, which were due to mature in 2014.
The group – which has a Birmingham operation – 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.”
