Harworth Group secures new €325m revolving credit facility

UK land regeneration and development company Harworth Group has secured a new €325 mln (£275 mln) Revolving Credit Facility (RCF), replacing its previous €283 mln (£240 mln) facility.

Harworth Group

This new agreement, which includes an option to increase to €384 mln (£325 mln), comes with improved terms, offering a core margin of 200 basis points over SONIA. The RCF has an initial four-year term, extendable to five, and involves existing lenders NatWest, Santander, and HSBC.
This move extends Harworth's debt maturity by about 2.5 years, supporting its focus on industrial & logistics and residential sectors across its 6,070-hectare portfolio in the North of England and Midlands.
Kitty Patmore, CFO of Harworth, commented: "We have been able to take advantage of favourable market conditions and the strong relationships we have with our core blue-chip banking partners to refinance our RCF on improved terms. It extends the duration of our bank facilities to the end of 2029, reduces our costs and provides increased flexibility to invest in our pipeline of sites, as we look to optimise our balance sheet. Our target net loan-to-portfolio value of below 20% at year-end and 25% throughout the year remains unchanged."