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Lowell Group increases existing revolving credit facility to £215 million PDF Print E-mail
Tuesday, 16 June 2015

Lowell Group, a leading consumer credit management company, today announced that it has increased the committed accordion on its existing revolving credit facility (“RCF”) from £83 million to £215 million, the accordion being subject to balance sheet conditions in keeping with the growth ambitions of the company.

This new funding has been achieved with the support of the company’s existing lenders the Royal Bank of Scotland (RBS), Lloyds Bank and JPMorgan together with new funding attracted from HSBC and DNB Bank ASA (“DNB”).

The increase in funding is provided at a rate of LIBOR plus 350 bps and is the largest reported RCF within its market. The additional funding also extends the term of the agreement from March 30th 2018 to February 28th 2019. All the other terms in the credit facility, aside from the revised margin and the term, remain the same as the original agreement terms.

Colin Storrar, Lowell Group’s CFO commented: “We value the continued support of our existing lending partners and are naturally delighted that we have attracted additional funding from our new supporters – HSBC and DNB. The increase in our RCF is a strong endorsement of our current plans and our future ambitions. We now have an even greater opportunity to build on our successes and continue our strong track record of growth as we move forward.”

(Source - Lowell Press Release)  

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