Telford Homes Plc (AIM: TEF), the London focused residential property developer, is pleased to announce that it has signed a new £210 million corporate loan facility to support the Group’s growth plans.
This £210 million revolving credit facility, which extends to December 2022, is being provided by the Group’s existing banking partners RBS, HSBC, Santander and Allied Irish Bank. Telford Homes also has the flexibility to increase the facility at a later date by requesting to utilise an additional £30 million accordion tranche. This enlarged longer term facility replaces the existing £180 million loan facility that was due to expire in March 2019 and has been secured at a lower rate of interest thereby reducing the Group’s cost of debt.
Katie Rogers, Group Financial Director of Telford Homes Plc, said: “I am delighted to announce the successful negotiation of a new £210 million corporate loan facility. The longer tenure and additional funding will give the Group further flexibility on site purchases and development capital allowing Telford Homes to continue to grow. This new facility demonstrates our banks’ continued confidence in the Group and our strategy.”
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