Refinancing of Group Lending Facilities

Lords (LORD.L), a leading distributor of building materials in the UK, is pleased to announce that it has completed the refinancing of the Group's existing £75 million lending facilities (the 'Refinancing').

The Group's existing £75 million lending facilities with a three bank syndicate consisted of a £50 million revolving credit facility ('RCF') and a £25 million receivables financing facility ('RFF') (together the 'Existing Facilities'), have been cancelled and repaid pursuant to the Refinancing with such repayment being funded by drawings under new £65 million facilities provided by HSBC and NatWest consisting of a £20 million RCF (the 'New RCF') and a £45 million RFF each with an initial three-year term (together, the 'New Facilities'). The Refinancing includes two uncommitted extension options of one year each which would, subject to lender approval, extend the tenor of the New RCF to four years and five years if exercised.

The New Facilities are more closely aligned with the Group's trading activities and demonstrate its diversified customer base and track record in converting receivables into cash. The Refinancing is expected to result in material interest cost savings for the Group over the life of the facilities.

Stuart Kilpatrick, Chief Financial Officer of Lords, said: "We are pleased to complete this Refinancing exercise and appreciate the support of our lenders, both with regard to the Existing Facilities and, in particular, look forward to continuing our strong relationship with HSBC and NatWest under the New Facilities."