Wincanton renews banking facility

Logistics firm Wincanton successfully refinanced its existing bank facility following the disposal of its Mainland European Operations in early January.

The existing bank facility was due to expire in November 2012.

Under the new agreement, the firm will be provided with a £185m committed bank facility with a November 2015 maturity date and a £75m term facility with M&G UK Companies Financing Fund which expires in November 2021.

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Eric Born, Chief Executive, said: "This is an important step in the overall repositioning of Wincanton following the withdrawal from Europe. It ensures that Wincanton has facilities in place with a maturity profile that allows the Company to focus on delivering profitable growth in the solid UK & Ireland business and to generate positive cashflow in the future."

The share price rose 4.55% to 69p by 12:55PM.

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