Business
LSL agrees new ?100m banking facility
LSL agrees new ?100m banking facility.
About this update from Lsl Property Services Plc
[{"type":"text","content":"\n \nRNS Number : 4920H LSL Property Services 20 June 2013 \n \n\n\n\n\n\nFor Immediate Release\n\n\n20 June 2013\n\n\n\n\n \n \n \nLSL Property Services plc\n \nLSL agrees new £100m banking facility\nLSL Property Services plc (\"the Group\" or \"LSL\"), a leading provider of residential property services, incorporating Estate Agency and Surveying businesses, announces that it has entered into a new £100 million banking facility for a period of just over four years, maturing on 31 August 2017. \n \nThe facility comprises a £95 million revolving credit facility and a £5 million overdraft facility and is provided by a syndicate of four banks. The Group's two existing relationship banks, Barclays Bank plc and Lloyds TSB Bank plc, are joined by HSBC Bank plc and Santander UK plc. Each bank has committed funding of £25.0m. \n \nThe new facility replaces LSL's existing funding package of £75m which provides finance for both working capital and acquisitions. The amount of the new facility has been increased to provide additional debt capacity in line with the increase in Group profitability over the last three years. The financing costs on the new arrangement are comparable to that of the old facility and will vary based on both facility utilisation and the net debt to EBITDA ratio of the Group. \n\nSteve Cooke, LSL Group Finance Director, commented: \n \n\"We are delighted with the support shown by our banking partners and are pleased to welcome HSBC and Santander into our banking arrangement. The new facility will enable LSL to continue to deliver its strategy of investing in organic growth initiatives and making selective value enhancing acquisitions.\" \n \nFor further information, please contact:\nSimon Embley, Group Chief Executive Officer\nSteve Cooke, Group Finance Director\nLSL Property Services plc 0203 21...