Business
Banking Facilities Renegotiat
Banking Facilities Renegotiat.
About this update from Michelmersh Brick Holdings Plc
[{"type":"text","content":"\n RNS Number : 9108V Michelmersh Brick Holdings PLC 20 July 2009 \n \n\n20 July 2009\n\nMichelmersh Brick Holdings plc\n('Michelmersh', the 'Company', or the 'Group')\n\nBanking Facilities Renegotiated\n\nMichelmersh Brick Holdings plc (AIM: MBH), the specialist brick, land development and landfill company, stated in its AGM statement on the 21 May 2009 that it had completed the refinancing of its bank debt and renegotiated bank covenants for the next twenty four months at competitive interest rates. Today the Company is pleased to announce that it has successfully completed the refinancing of all of its term loans and overdraft facilities. \n\nThe existing Bridging Loan and Revolving Loan facilities have been extended with repayment now falling due on 1 June 2011. The source of finance for both of these facilities remains with Barclays Bank plc.\n\nMichelmersh Brick Holdings Plc have received further funding from Venture Structured Finance, part of ABN Amro BV. Venture have provided Asset Based Lending facilities on highly favourable terms to Michelmersh, secured on its revolving assets.\n\nCommenting on the renegotiated facilities, Eric Gadsden, Chairman, said: 'Our market and asset position continues to remain strong and even in the present economic circumstances we believe we are well placed and ambitious to take advantage of opportunities as they arise. The renegotiated facilities further underline the confidence in our management team and fully integrated business model.'\n\nFor further information:\n\n\n\n\n\nMichelmersh Brick Holdings plc:\nMartin Warner, Chief Executive\nCraig Robinson, Finance Director\n\n\n01952 265 365\n\n\n\n\nCharles Stanley Securities, Nominated Adviser:\nRussell Cook\n\n\n020 7149 6000\n\n\n\n\nTavistock Communications:\nJeremy Carey/Gemma Bradley\n\n\n020 7920 3150\n\n\n\n\n\nThis information is provided by RNSThe company news service from the London Stock Exchange END MSCGUUPCMUPBGQM \n ","length":3764,"tagName":"div"}]