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Grafton sign new banking agreement

Monday, May 19 09:49:52

Builders merchants and DIY group, Grafton, this morning said it has signed new five year revolving credit facilities with its relationship banks.

The bilateral multicurrency facilities total Stg460m and have a maturity date of May 2019.

The refinancing takes advantage of improved lending conditions and will lead to annualised finance charge savings based on current drawings of circa Stg3m per annum.

The increased facilities provide Grafton with additional headroom as the Group continues to execute its growth strategy.

"The announcement that new banking facilities will lower Graftonís finance charge continues the groupís very positive sequence of announcements. Forecasts upgrades and the recent sell-off imply that the stockís valuation is looking increasingly attractive," Davy Research said.