Money to be put into residential and infrastructure schemes
Contractor Kier has announced it has raised 拢95m to spend on housing development and infrastructure schemes in two separate deals.
The firm said it had successfully issued loan notes in the US private placement market for the value of approximately 拢65m, which it said would be used to re-fiance existing loan notes and for 鈥渃ontinued investment in Kier鈥檚 property development pipeline.鈥�
In addition it said it had entered into a 拢30 million unsecured 4-year bilateral loan with Lloyds Bank under the government鈥檚 Funding for Lending scheme (FfLS), and which it said has already been drawn down in full.
Haydn Mursell, group finance director of Kier, said he was 鈥渄elighted鈥� with both of the agreements. 鈥淭he private placement and the FfLS loan increase the Group鈥檚 available funds and have been secured at very competitive pricing levels,鈥� he said. 鈥淎s a result of this loan and the projects it will finance, our supply chain will also benefit, demonstrating the FfLS鈥� importance to the UK in general. We are also grateful to Lloyds for its continued support to Kier and the construction sector.鈥�
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