RNS Number : 2525W

Severfield PLC

20 December 2021

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 GBP50m RCF provides additional liquidity above the GBP25m 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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(END) Dow Jones Newswires

December 20, 2021 11:30 ET (16:30 GMT)

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