For Immediate Release |
20 June 2013 |
LSL Property Services plc
LSL agrees new £100m banking facility
LSL Property Services plc ("the Group" or "LSL"), a leading provider of residential property services, incorporating Estate Agency and Surveying businesses, announces that it has entered into a new £100 million banking facility for a period of just over four years, maturing on 31 August 2017.
The facility comprises a £95 million revolving credit facility and a £5 million overdraft facility and is provided by a syndicate of four banks. The Group's two existing relationship banks, Barclays Bank plc and Lloyds TSB Bank plc, are joined by HSBC Bank plc and Santander UK plc. Each bank has committed funding of £25.0m.
The new facility replaces LSL's existing funding package of £75m which provides finance for both working capital and acquisitions. The amount of the new facility has been increased to provide additional debt capacity in line with the increase in Group profitability over the last three years. The financing costs on the new arrangement are comparable to that of the old facility and will vary based on both facility utilisation and the net debt to EBITDA ratio of the Group.
Steve Cooke, LSL Group Finance Director, commented:
"We are delighted with the support shown by our banking partners and are pleased to welcome HSBC and Santander into our banking arrangement. The new facility will enable LSL to continue to deliver its strategy of investing in organic growth initiatives and making selective value enhancing acquisitions."
For further information, please contact:
Simon Embley, Group Chief Executive Officer
Steve Cooke, Group Finance Director
LSL Property Services plc 0203 215 1015
Richard Darby, Sophie McNulty and Helen Greenwood
Buchanan 0207 466 5000
www.buchanan.uk.com
Notes to Editors:
LSL Property Services plc is a leading provider of residential property services to its two key customer groups. Services to consumers include: residential sales, lettings, surveying and advice on mortgages and non-investment insurance products. Services to mortgage lenders include: valuations and panel management services, asset management and property management services. For further information, please visit our website: www.lslps.co.uk.
