Travers Smith LLP has advised long-standing client Breedon Group plc (Breedon) on the £350 million refinancing of its existing debt facilities.
Breedon is a leading construction materials group in Great Britain and Ireland. It operates two cements plants and an extensive network of quarries, asphalt plants and ready-mixed concrete plants, together with slate production, concrete and clay products manufacturing, contract surfacing and highway maintenance operations.
The multi-currency revolving credit facility has an accordion option of up to £70 million and is available to Breedon until June 2024, with an option to extend for up to two years, giving Breedon greater financial flexibility and a strong platform to continue to invest and deliver further growth.
The team was led by Finance Partner Danny Peel, supported by Senior Associate Laura Smith and Trainee Reece Morgan.
Danny Peel commented: “We are pleased to have continued our longstanding relationship with Breedon with respect to its financing arrangements. This new facility will support Breedon's continued investment in the growth of the business at a time when the outlook for its end markets is very positive, with both the UK and Irish governments committed to significant investment in infrastructure and sustained structural demand for new build residential housing."
Breedon's strategy is to continue growing through organic improvement and the acquisition of businesses in the heavyside construction materials market. Travers Smith has previously advised Breedon on several acquisitions, led by Head of Corporate Spencer Summerfield and Corporate Partner Jon Reddington.