Plumbers merchant chain Wolseley has renegotiated revolving credit facilities, a move that finance director John Martin calls “innovative” refinancing.
Two five and a quarter-year revolving credit facilities, totaling £820m, have been renegotiated simultaneously, a move expected to save Wolseley £12m per year.
The facilities will be used for general business purposes and replace £1.6bn in facilities due to expire on or before August 2013.
“The innovative approach of completing loan agreements simultaneously in two jurisdictions enabled Wolseley’s relationship banks to participate and allowed Wolseley to take advantage of attractive pricing,” Martin said.
” These facilities will support the group’s growth plans for the foreseeable future. The high level of demand for the new facility is indicative of the quality of Wolseley’s credit.”
The new facilities are European €750m (£654m) and US $270m (£165m).