Origin Enterprises secures new €440 million credit facility
Why we think this is good
The RNS announcement indicates that Origin Enterprises has secured a new five-year €440 million revolving credit facility, which represents an increase of €40 million on the existing facility. This provides the company with greater financial flexibility and capacity to deliver on its strategic objectives, aligned with its sustainability targets. The involvement of a syndicate of seven lenders, including both existing and new banking partners, suggests strong support from the financial community. The consistent 'Buy' recommendations and price targets from brokers also point to a positive outlook for the company.
Key Points
- Origin Enterprises secures new five-year €440 million revolving credit facility
- Facility represents a €40 million increase on the existing facility and extends maturity to 2030
- Includes two further one-year extension options and an additional €100 million uncommitted loan facility
- New RCF aligned with Origin's sustainability strategy, with performance targets linked to sustainability goals
- Facility provided by a syndicate of seven lenders, including both existing and new banking partners
Summary
Origin Enterprises plc, the international group championing sustainable land use solutions, has announced the agreement of a new five-year €440 million revolving credit facility (RCF). The new facility represents an increase of €40 million on the existing facility and extends the maturity to 31 January 2030. The facility also has the option of two further extension options of one year each and a further €100 million uncommitted loan facility. The new RCF incorporates performance targets that are aligned with Origin's sustainability strategy.
The RCF is provided by a syndicate of seven lenders including: Allied Irish Banks, Bank of China, Bank of Ireland, Citibank, HSBC, ING and Rabobank. Allied Irish Banks acted as sustainability co-ordinator and Bank of Ireland acted as agent.