£100m Facility Refinanced on Improved Terms
Stelrad refinances £100m facility at improved terms with three-year initial period and £20m accordion option.
- Facility size £100m
- Initial term 3 years
- Extension option 2 further years
- Accordion feature up to £20m
- Debt leverage ratio (2024) 1.37x
Select text to share a quote on X · sign in to keep highlights & notes in your SRAD notes
Stelrad Group plc ("Stelrad" or "the Group", LSE: SRAD), a leading specialist manufacturer and distributor of steel panel and other designer radiators in the UK, Europe and Turkey, is pleased to announce the successful renewal of the Group's multicurrency facility agreement ("Facility") which was due to mature in November 2026.
The renewed £100 million Facility is for an initial three-year term, with an extension option for two further years and is provided by our two existing lenders, reflecting continued support for the Group's strategy.
The Facility is at improved terms and pricing and also incorporates an accordion feature allowing the Group to increase the Facility by up to an additional £20 million.
The Facility and the accordion facility (if exercised) provide the Group with additional liquidity which will be used for working capital purposes and to fund investment in accordance with the Group's capital allocation policy.
As previously stated, the Group's debt leverage ratio is expected to improve further during the year supported by strong cash management (2024: 1.37x).
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.