Completion of successful refinancing
Updated : 16:31
20 December 2021
Severfield plc
('the Company' or 'the Group')
Completion of successful refinancing
Severfield plc, the market leading structural steel group, today announces the completion of a refinancing of its revolving credit facility ('RCF') with its current banking syndicate.
The new £50m RCF provides additional liquidity above the £25m RCF which it replaces and extends the term of the facility which now expires in December 2026. The RCF remains subject to three financial covenants, interest cover, net debt to EBITDA and debt service (cash flow) cover.
The new facility provides the Group with enhanced liquidity and long-term financing to help support its growth strategy.
For further information, please contact:
Severfield Alan Dunsmore 01845 577 896
Chief Executive Officer
Adam Semple 01845 577 896
Group Finance Director
Jefferies International Simon Hardy 020 7029 8000
Will Soutar 020 7029 8000
Camarco Ginny Pulbrook 020 3757 4980
Tom Huddart 020 3757 4980
Notes to editors:
Severfield is the UK's market leader in the design, fabrication and construction of structural steel, with a total capacity of c.165,000 tonnes of steel per annum. The Group has six sites, c.1,500 employees and expertise in large, complex projects across a broad range of sectors. The Group also has an established presence in the expanding Indian market through its joint venture partnership with JSW Steel (India's largest steel producer).
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