Two major UK companies announce refinancing
Carphone Warehouse and Bovis Homes announce a total of £700m in refinancing
FINANCING worth £700m has been completed by two of the UK’s biggest companies.
Carphone Warehouse and Bovis Homes have announced deals worth £650m and £50m respectively to fund their ongoing businesses.
The mobile phone operator has sealed the fund, in the form of two loans from its syndicate of lenders, arranged in June to fund its acquisition of Best Buy’s 50% interest in its European operations.
Bovis’ £50m deal is an extension of its current £125m revolving credit facility it had agreed in January 2013. Alongside its £25m three-year loan also agreed in January, the homebuilder has £200m of facilities in place.
The £50m extension expires in December 2015, with the original £125m ending in March 2017. It has made “significant land investment” during the first half of the year, and the additional facility gives the group flexibility to move in the consent and strategic land market.