Grainger has agreed an extension on £540m of its core banking facilities to 2033 with AIB, Barclays, HSBC and NatWest.
The extensions further strengthen the company’s balance sheet with weighted average facility maturity, including extension options, increasing to 4.6 years.
The company said the extensions were agreed at lower margins, resulting in an annual saving of circa £1m in finance costs.
The extension of its facilities is inline with Grainger’s previously stated plan to deleverage by £300m to 350m by full-year 2029, targeting an LTV of 30% and net debt to EBITDA of 8x.
