Ibstock PLC Refinancing of Group Borrowings (8419R)
10 Noviembre 2021 - 1:00AM
UK Regulatory
TIDMIBST
RNS Number : 8419R
Ibstock PLC
10 November 2021
10 November 2021
Ibstock plc
("Ibstock" or "the Group")
Refinancing of Group Borrowings
Ibstock is pleased to announce that it has completed the
refinancing of its March 2023 GBP215 million Revolving Credit
Facility (RCF), diversifying its credit sources at attractive
rates, whilst simultaneously achieving a significant extension of
the Group's debt maturity profile.
The existing facility has been replaced with the issuance of
GBP100 million of private placement notes from Pricoa Private
Capital, with maturities of between 7 and 12 years at an average
total cost of funds of 2.19%, and a GBP125 million RCF provided by
a syndicate of five banks. The RCF is for an initial four year
tenor, with a one year extension option, at a margin of between
1.60% and 2.60%, and also includes an additional GBP50 million
uncommitted accordion.
Based on current leverage, the Group will pay interest under the
RCF initially at a margin of 1.60% (compared to 2.00% under the
previous RCF agreement).
These new facilities provide an efficient, long-term funding
platform to support the Group's investment for growth.
Ibstock plc 01530 261 999
Chris McLeish, CFO
Citigate Dewe Rogerson 020 7638 9571
Kevin Smith
Holly Gillis
About Ibstock plc
Ibstock plc is a leading UK manufacturer of clay bricks and a
diversified range of clay and concrete products. Its principal
products are clay bricks, brick components, concrete roof tiles,
concrete substitutes for stone masonry, concrete fencing and
pre--stressed concrete products.
The Group's two divisions are:
Ibstock Clay: The leading manufacturer by volume of clay bricks
sold in the United Kingdom. With 16 manufacturing sites Ibstock
Brick has the largest brick production capacity in the United
Kingdom. It operates a network of 18 active quarries located close
to its manufacturing plants. Ibstock Kevington provides masonry and
pre-fabricated component building solutions, operating from 6 sites
across the United Kingdom.
Ibstock Concrete: A leading manufacturer of concrete roofing,
walling, flooring and fencing products, along with lintels and
general concrete building products, with 14 manufacturing plants in
the United Kingdom.
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