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Majedie Investments enters £15m revolving credit facility
(Sharecast News) - Majedie Investments announced a one-year £15m revolving credit facility with BNP Paribas on Tuesday, providing the company with greater flexibility in how it employs leverage across its operations. The London-listed firm said the deal followed the full repayment in March of its £20.7m 7.5% debenture stock, which matured on 31 March.
At the time, Majedie confirmed it would not replace the structural gearing facility and was instead negotiating a smaller, more flexible credit line.
The board said Tuesday that the new facility would enhance the company's ability to manage its balance sheet and investment strategy, offering a more adaptable funding structure than the previous long-term debt arrangement.
At 0946 BST, shares in Majedie Investments were flat at 242p.
Reporting by Josh White for Sharecast.com.
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