Bovis lands £50m to build on H1 success
This latest facility is an extension to the £125m committed revolving credit facility agreed in January 2013 taking the facility to £175m in total.
In a statement to the London Stock Exchange Bovis said: “This additional facility gives the group improved financial flexibility to take advantage of opportunities in the consented and strategic land market.”
Combined with the three year term loan of £25m entered into in January 2013 the group now has £200m of facilities in place.
The £50m extension, with the existing syndicate banks, expires in December 2015 with the remaining £125m expiring in March 2017.
The announcement follows strong trading results for the first half of 2013 which showed a 40% increase in private reservations compared to the same period last year and the addition of 2767 new consented plots to its land banks.