Business
Heads of terms agreed on bank
Heads of terms agreed on bank.
About this update from Marston's Plc
[{"type":"text","content":"\n RNS Number : 8436J Marston's PLC 10 December 2008 \n \n\n\n10 December 2008\n\n\n\nMARSTON'S PLC ('Marston's')\n\nHEADS OF TERMS AGREED ON BANK FACILITY EXTENSION TO AUGUST 2013\n\n\nMarston's announces that it has reached agreement with a syndicate of relationship banks on Heads of Terms for the extension of its bank facility. \n\nThis extends its bank facility to August 2013 with a similar level of operational flexibility as exists under the current arrangements. The amount of the facility will reduce from the current £400 million to £295 million in August 2010, in line with the Group's requirements. The amount drawn under the current facility as at 4th October 2008 was approximately £240 million. \n\nThe new bank facility, together with the Group's long term securitisation of approximately £1.1 billion and strong cash flow, will provide an appropriate level of financing for the longer term. \n\nThe new facility is expected to be fully documented and signed in early 2009. \n\nPaul Inglett, Finance Director, said: “Our recently announced results demonstrated the resilience of our business model and strong cash generation in a difficult year for the industry. This extension will provide a flexible financing structure into the longer term as we continue to develop our competitive position in the market place.”\n\n\n\nENQUIRIES:\n\n\n\n\n\nMarston's PLC\n\n\nHudson Sandler\n\n\n\n\nPaul Inglett, Finance Director\n\n\nAndrew Hayes / Nick Lyon / James White\n\n\n\n\n \n\n\n \n\n\n\n\nTel: 01902 329516\n\n\nTel: 020 7796 4133\n\n\n\n\n\n\n\n\n\n\n\n\nThis information is provided by RNSThe company news service from the London Stock Exchange END MSCEANANEFSPFFE \n ","length":5032,"tagName":"div"}]