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SigmaRoc gets £85 million credit facility with £40 million accordion
By Cady Vishniac
Detroit, Dec. 22 – SigmaRoc plc has entered into a £125 million five-year term credit facility, according to a market release.
The multi-currency facility consists of an £85 million term credit facility and a £40 million accordion. It’s non-amortizing in the first three years with interest of Libor plus 250 basis points at 2x net debt to underlying EBITDA.
The facility’s covenants include a 3.5x adjusted leverage ratio gradually decreasing over the term of the facility to 3x, with a minimum interest cover ratio of 3.5x.
The company said it will continue to target an approximately 2x adjusted leverage ratio with a downward trend.
Santander UK led the transaction.
The company intends to use the facility, along with the £12.4 million of equity fundraise announced on Dec. 9, to fund acquisitions.
SigmaRoc is a London-based buy-and-build construction materials group.
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