Barratt Developments PLC agrees comprehensive refinancing package (UK)

Barratt Developments PLC announces that it has reached separate agreements for a comprehensive refinancing package and the monetization of a portion of the Group’s shared equity portfolio.

The refinancing provides the Group with around £850 million (approx. €1 billion) of committed facilities to June 2016 and £650 million (approx. €765 million) to May 2018 with some of these facilities extending as far as 2021.

Commenting, David Thomas, Group Finance Director of Barratt Developments said: "We are delighted to have agreed this comprehensive refinancing package ahead of schedule which will provide us with more appropriate lending facilities, in terms of both interest cost and duration.

It reflects our improved financial position and the significant progress we have made towards our target of zero net debt as at June 30, 2015.

"The monetization of the shared equity portfolio is in line with our strategy and represents another self-help measure to improve profitability, reduce net debt and increase return on capital employed. The fact that we have been able to conclude this deal now is further evidence of the improving outlook for the sector."

Source: Barrat Developments

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