Listed housebuilder secures long-term banking deal

Bovis Homes has signed a 拢150m long-term unsecured banking deal.

It includes an 拢125m committed revolving credit facility expiring in March 2017 and a three-year term loan of 拢25m.

The deal replaces the house builder鈥檚 previous 拢150m committed revolving credit facility and has been agreed at the same rate.

Jonathan Hill, group finance director, said: 鈥淭he new arrangement provides the group with a longer, unsecured facility, offering the financial flexibility to enable the group to continue strong land investment in order to increase the output capacity of the group, as well as manage its working capital requirements.鈥�

The group added it had net cash of 拢19m as of 31 December 2012.

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