Renold expands revolver to £85 million, extends maturity to 2026

By Marisa Wong

Los Angeles, May 9 – Renold plc said it reached agreement for the extension of its core banking facilities that were due to mature in April 2024.

The new £85 million multicurrency revolver will be increased from the previous level of £61.5 million, according to a press release.

Additionally, there is a £20 million accordion option that will allow the company to access additional funding in support of its acquisition program.

The facilities initially have a three-year term, to May 2026, but contain a two-year extension option.

The principal facility term, the net debt to EBITDA covenant, will be extended from the previous level of 2.5 times EBITDA to 3 times EBITDA, with other key terms remaining unchanged.

The new facilities will be provided by existing banks HSBC, Allied Irish Bank (GB) and Citibank with the addition of Santander.

Renold is a Cardiff, U.K.-based international supplier of industrial chains and related power transmission products.

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