Recovery and restructuring group Begbies Traynor Group Plc has announced a successful refinancing through new debt facilities.
The unsecured facilities will replace Begbie Traynor Group’s existing £35m facilities, due to mature in 2014.
Ric Traynor, executive chairman of Begbies Traynor Group, said: “These new facilities provide the group with an attractive blend of medium and long term financing at competitive rates, reflecting the lenders’ confidence in the group.
The new facilities are comprised of two separate £10m committed revolving credit facilities with a July 2017 maturity date, from HSBC and Santander.
It also includes a £10 million term facility with M&G UK Companies Financing Fund 2, with £5m maturing in April 2020 and £5m maturing in April 2021 – as well as a £5m overdraft facility from HSBC.
Begbie’s Traynor Group will retain considerable headroom under the new facilities, with net debt having stood at £18.3 million at 31 October 2012.
Traynor said: “The new facilities will underpin the group’s continued focus on maximising performance and growing our cash-generative and profitable business, both organically and through acquisitions.”