Barclays has joined the syndicate of three existing relationship banks on Harworth Group’s £275m revolving credit facility (RCF).
The facility, which was refinanced in November last year, includes an uncommitted accordion option, which if exercised would take the RCF to £325m.
The terms in which Barclays is joining the facility are unchanged, namely a core margin of 200 basis points over SONIA, with an initial four-year term, which may be extended to a maximum of five years at Harworth’s request, subject to bank consent. Harworth’s existing relationship banks in the syndicate comprise NatWest, Santander and HSBC.
Kitty Patmore, chief financial officer of Harworth, said: “We are pleased to welcome Barclays as to our RCF syndicate, adding further depth and quality to our relationship banking group. Their addition reflects confidence in our strategy and resilience of our business. This broader funding base enhances our flexibility to accelerate new site development to meet demand as opportunities arise, supporting our growth ambitions and unlocking long-term value realisation while maintaining balance sheet discipline.”
