Travis Perkins completes refinancing

(Sharecast News) - Shares in Travis Perkins sparked in morning trading on Wednesday, after the builders' merchant completed its short-term refinancing programme. The London-listed firm said it had renewed its £375m revolving credit facility, bringing its committed debt facilities to £800m.

That includes a £250m bond, due in February 2026, and £100m in US private placement notes, which come to maturity in equal tranches in 2029, 2030 and 2031.

The RCF has been renewed for a five-year term, with two extension options of one year each. It is being provided by a syndicate of eight banks on "broadly" comparable terms to the 2019 facility, Travis Perkins noted.

As at 0930 GMT, shares in the firm were 2% stronger at 800p, having earlier reached 808p.

Last month, Travis Perkins warned that the slowdown in the construction sector would hit profits, sending the stock sharply lower. At the time it said there had been a "notable deterioration" in market activity and sentiment from September.