LSL Property Services LSL agrees new £100m banking facility (4920H)
June 20 2013 - 6:06AM
UK Regulatory
TIDMLSL
RNS Number : 4920H
LSL Property Services
20 June 2013
For Immediate Release 20 June 2013
LSL Property Services plc
LSL agrees new GBP100m banking facility
LSL Property Services plc ("the Group" or "LSL"), a leading
provider of residential property services, incorporating Estate
Agency and Surveying businesses, announces that it has entered into
a new GBP100 million banking facility for a period of just over
four years, maturing on 31 August 2017.
The facility comprises a GBP95 million revolving credit facility
and a GBP5 million overdraft facility and is provided by a
syndicate of four banks. The Group's two existing relationship
banks, Barclays Bank plc and Lloyds TSB Bank plc, are joined by
HSBC Bank plc and Santander UK plc. Each bank has committed funding
of GBP25.0m.
The new facility replaces LSL's existing funding package of
GBP75m which provides finance for both working capital and
acquisitions. The amount of the new facility has been increased to
provide additional debt capacity in line with the increase in Group
profitability over the last three years. The financing costs on the
new arrangement are comparable to that of the old facility and will
vary based on both facility utilisation and the net debt to EBITDA
ratio of the Group.
Steve Cooke, LSL Group Finance Director, commented:
"We are delighted with the support shown by our banking partners
and are pleased to welcome HSBC and Santander into our banking
arrangement. The new facility will enable LSL to continue to
deliver its strategy of investing in organic growth initiatives and
making selective value enhancing acquisitions."
For further information, please contact:
Simon Embley, Group Chief Executive Officer
Steve Cooke, Group Finance Director
LSL Property Services plc 0203 215 1015
Richard Darby, Sophie McNulty and Helen Greenwood
Buchanan 0207 466 5000
www.buchanan.uk.com
Notes to Editors:
LSL Property Services plc is a leading provider of residential
property services to its two key customer groups. Services to
consumers include: residential sales, lettings, surveying and
advice on mortgages and non-investment insurance products. Services
to mortgage lenders include: valuations and panel management
services, asset management and property management services. For
further information, please visit our website: www.lslps.co.uk.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCGMGZVGGDGFZM
Lsl Property Services (LSE:LSL)
Historical Stock Chart
From Jun 2024 to Jul 2024
Lsl Property Services (LSE:LSL)
Historical Stock Chart
From Jul 2023 to Jul 2024