Premier Farnell completes £351m refinancing

ELECTRICAL components supplier Premier Farnell has completed a £351m refinancing which could reduce its debt costs.

The Leeds-based group, which supplies thousands of products ranging from microchips to batteries, said it has established a new five-year £200m multicurrency revolving facility, which expires in October 2016.

The facility is with Barclays, Bank of America, HSBC, RBS and Santander.

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In addition the company has issued $235m (£151m) of private placement notes with tenures of between five and 10 years.

“These facilities give the group the medium term funding security to execute its strategy with confidence and provide the opportunity to consider repaying existing, more expensive debt,” said the group.