- Begbies Traynor Group has announced the completion of new debt facilities, in line with its stated intention to renew them during the current financial year.

The new £30 million debt facilities are being provided by HSBC solely, replacing the Group's previous £30 million facilities. These were due to mature between July 2017 and April 2021 and were provided by three lenders (including HSBC).

These new facilities are unsecured, mature on 31 August 2021 and comprise of a £25 million committed revolving credit facility and a £5 million uncommitted acquisition facility.

These facilities are at a lower overall cost to the previous facilities. In the current year there will be one-off costs incurred in connection with the refinancing with the full benefit of the reduced finance costs being realised in future years.

The group says it will retain considerable headroom under the new facilities, with net debt having stood at £10.4 million at 30 April 2016. Executive chairman Ric Traynor said: "We are pleased to have completed our new debt facilities with HSBC. These will provide the headroom for the continuing development of the Group, both organically and through acquisitions, whilst reducing the Group's funding costs."

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