28.02.2012

Lavendon refinances

Lavendon, the UK based international aerial lift rental group has announced that it has agreed terms to refinance its banking arrangements.

The new terms which take effect from today, replace its existing bank facilities with new credit line of £150 million, comprising a £100 million revolving bank facility expiring in July 2016 and a €60 million US private placement expiring in July 2019.

The costs associated with the completion of the refinancing are £2.9 million or two percent of the new facilities and will be amortised over their term.

Chief executive Don Kenny said: "We are delighted to announce the refinancing of the group's banking arrangements. The facility provides the group with ample funding and flexibility to pursue its business and strategic objectives."