Hargreaves Services completes £175 million credit facility

By Sara Rosenberg

New York, April 10 - Hargreaves Services plc closed on a £175 million credit facility due Oct. 30, 2015 that was used to refinance an existing £115 million facility, according to a news release.

RBS, HSBC, Lloyds, Santander and Barclays provided the new deal.

The facility consists of a £125 million revolver priced at Libor plus 235 basis points, down from Libor plus 250 bps on the prior revolver, and a £50 million invoice finance facility priced at base rate plus 200 bps.

In addition, the company announced that its joint venture, Tower Regeneration Ltd., has reached an agreement on a £10.5 million two-year working capital facility and a £32 million five-year asset financing credit line, with closing expected to occur this week.

Hargreaves is a U.K.-based supplier of solid fuels and bulk material logistics.

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