Bovis Homes secures additional banking agreement

27th Aug 2013 07:04

Bovis Homes has agreed a further banking arrangement, providing the housbuilding group with additional financial flexibility. The £50m agreement extends the £125m committed revolving credit facility agreed in January 2013, and combined with the three-year term loan of £25m entered into in January 2013, the group now has £200m of facilities. The extension expires in December 2015, with the original facility and three-year loan expiring in March 2017. At the half-year mark the group had net debt of £48m. "This additional facility gives the group improved financial flexibility to take advantage of opportunities in the consented and strategic land market," Bovis said. NR