Renew refinances, extends revolving credit facility

(Sharecast News) - Renew Holdings announced Monday that it has refinanced and expanded its revolving credit facility, strengthening its balance sheet and extending its funding horizon. The AIM-traded engineering services group said it had agreed a new £140m facility, up from £120m previously, with a committed four-year term running to October 2029.

It said the new facility, provided by NatWest, HSBC UK and Barclays, replaced its existing arrangement and came on improved terms.

Renew said the refinancing reflected "the continued confidence of the Group's banking partners in Renew's resilient business model, strong cash generation and long-term growth prospects".

"I am pleased to have successfully refinanced and increased our RCF through to October 2029, providing the group with significant firepower to continue to deliver both its organic and inorganic growth strategy," commented chief financial officer Sean Wyndham-Quin.

The company, which supports the maintenance and renewal of critical UK infrastructure, is due to announce its preliminary results for the year ended 30 September on 25 November.

At 1001 GMT, shares in Renew Holdings were down 0.42% at 951p.

Reporting by Josh White for Sharecast.com.