Speedy Hire’s new facility ‘a key step’

RENTAL equipment provider Speedy Hire has signed a new £220m credit agreement with a syndicate of six banks to refinance the business.

The company described the deal, which was advised by a Yorkshire lawyer, as a “key step in our recovery”.

The asset-based credit agreement replaces an existing £210m cash flow based loan facility, which was due to mature in June 2012.

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The firm said it will invest the money in its plant and machinery fleet to facilitate planned growth.

The syndicate included Barclays Corporate, Bank of America and GE Capital plus Lloyds Banking Group and Burdale Financial. The arrangers were advised by DLA Piper’s national ABL team, led by John Connor in the Leeds office and Louise Gates in London.

Steve Corcoran, chief executive of Speedy Hire, said: “This is another key step in our recovery and will underpin our strategy to grow the business in the years ahead.”