Law Firms

Travers Smith advises Breedon on £350m debt refinancing

The multi-currency revolving credit facility will run until June 2024, and has an accordion option of up to £70m

Corporate law firm Travers Smith has advised Breedon Group, an AIM-listed construction materials company, on a £350m debt facilities refinancing.

The multi-currency revolving credit facility will run until June 2024, and has an accordion option of up to £70m.

An option to extend for up to two years is also included in the refinancing, providing Breedon with “greater financial flexibility and a strong platform to continue to invest and deliver further growth”.

Led by Danny Peel, finance partner at Travers Smith, the team was supported by Laura Smith, senior associate, and Reece Morgan, trainee.

Peel said: “We are pleased to have continued our longstanding relationship with Breedon with respect to its financing arrangements. 

“This new facility will support Breedon’s continued investment in the growth of the business at a time when the outlook for its end markets is very positive, with both the UK and Irish governments committed to significant investment in infrastructure and sustained structural demand for new build residential housing.”

It represents a continuation of the partnership between the two firms, which previously saw Travers Smith advise Breedon on a number of acquisitions.

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