Housebuilder ditches high interest placement notes and interest rate swaps
Housebuilder Barratt has secured a 拢850m refinancing package, a year ahead of schedule.
The refinancing includes the early repayment of private placement notes and the cancellation of interest rate swaps, both of which were at 鈥渃onsiderably higher interest rates than are available today鈥�, Barratt said.
The package provides the housebuilder with around 拢850m of committed facilities including a new 拢700m revolving credit facility.
As a result of its 鈥渕uch-improved鈥� financial performance, the group has undertaken the refinancing, which was required by June 2014, a year ahead of schedule.
Group finance director David Thomas said: 鈥淲e are delighted to have agreed this comprehensive refinancing package ahead of schedule which will provide us with more appropriate lending facilities, in terms of both interest cost and duration.
鈥淚t reflects our improved financial position and the significant progress we鈥檝e made towards our target of zero net debt as at 30 June 2015.
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