- Chain and power-transmission product supplier Renold said it had secured a five-year extension to banking facilities that were due to mature in May 2020.

The £61.5m multi-currency revolving credit facility had been extended to March 2024.

It included an additional £20.5m accordion feature, which allowed the company to access additional funding should the need arise.

The facilities were provided by HSBC, Allied Irish Bank and Citibank.

The principal facility terms were either unchanged or beneficial to Renold, the company said.

Story provided by