Severfield (LSE:SFR) has signed a new three-year banking facility agreement with its existing lending syndicate on 11 June that replaces facilities due to mature in December 2027 and extends the Group's committed debt maturity to June 2029.
The deal renews the £60m revolving credit facility, continues a £7.6m term loan amortising through to December 2027, and includes an accordion option of up to an additional £30m subject to lender consent; Severfield is the market-leading structural steel group.
The facilities are unsecured, provided by the Group's relationship bank syndicate, carry improved commercial terms including a reduced margin and more favourable covenant terms, and the RCF has two one-year extension options subject to lender consent.
The refinancing strengthens Severfield's liquidity and financial flexibility to support operational requirements, ongoing investment priorities and future strategic opportunities across its core UK and European markets.
"The new facilities enhance our financial flexibility, extend our debt maturity profile and provide improved commercial terms reflecting the group's strengthened financial position, as well as a strong platform to support the group's future growth opportunities," Severfield said.
