Eversheds Sutherland has advised longstanding client, Harworth Group plc, a leading regeneration and strategic land owner and developer, on its new £275m revolving credit facility (RCF).
Harworth is a listed Yorkshire-headquartered company, focused on the Industrial & Logistics (I&L) and Residential sectors, developing, and managing a portfolio of over 15,000 acres of strategic land over 100 sites located throughout the North of England and Midlands.
The RCF includes an uncommitted accordion option, which if exercised would take the RCF to £325 million. The facility has an improved core margin of 200 basis points over SONIA, with an initial four-year term, which may be extended to a maximum of five years at Harworth's request, subject to bank consent. The syndicate comprises Harworth's existing relationship banks, NatWest, Santander and HSBC, with the option to add further lenders.
The new facility replaces Harworth's existing £240 million facility and extends the Group's debt maturity by approximately 2.5 years.
The Eversheds Sutherland team was led by Partner Paul Castle, supported by Josh Walker, Principal Associate and Jasmine Greenwood, Associate.
Paul Castle, Eversheds Sutherland, said:
“This refinancing is a standout regional PLC financing. It not only optimises Harworth’s cost of capital and maturity profile, but also gives the business real firepower to keep investing in its pipeline of sites. This year we have represented many other North of England and Midlands based PLCs and large private corporates in negotiating new or amended credit facilities and we are proud to support Harworth on this transaction.”