Speedy Hire has signed a £220 million (about U.S. $352 million) asset-based revolving credit agreement with a syndicate of six banks to replace its existing £210 million cash flow-based loan facility, which was due to mature in June 2012. The new facility, to be used for general corporate purposes, matures in January 2015. In addition to the four existing lending banks, the bank syndicate has been strengthened by the addition of Bank of America and GE Capital.
“The support of our banks in providing a facility which gives additional headroom and is more flexible is a great vote of confidence and illustrates both the strength of our balance sheet and the quality of our asset base,” said Speedy chief executive Steve Corcoran. “We now have certainty with regard to our medium-term funding; this is another key step in our recovery and will underpin our strategy to grow the business in the years ahead.”
The United Kingdom’s largest equipment rental company, Speedy Hire is based in Newton-le-Willows, Merseyside, U.K.
