SIG secures refinancing

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Insulation giant SIG said it has successfully refinanced its revolving credit facility on more favourable terms.

The Sheffield-based group said the ​new five year facility will give it good visibility with funding out to October 2019.

The r​efinancing​ ​was secured with five banks, four of which ​- ​Barclays, HSBC, Lloyds and RBS​ -​ are existing lenders to the ​g​roup.

​SIG said it has entered into a new relationship with the fifth bank, Commerzbank.

​The company said the new facility will ensure it has​ sufficient funding headroom and liquidity to support its medium-term strategic plans.

Analyst Rachael Applegate at Panmure Gordon said she expects further positive news, regarding the delivery of strategic benefits, when the group updates the market in early November.