StockMarketWire.com - House builder Redrow said it had secured more debt from its lenders and also confirmed that it was eligible to tap UK government financing support in the midst of the Covid-19 crisis.

The company said it has been confirmed as an eligible issuer for the Covid Corporate Financing Facility with an issuer limit of £300m.

It had also agreed to source an additional £100m from its six relationship banks under an existing revolving credit facility, meaning it now had £350m of committed facilities.

The facility matured at the end of December 2022.

Redrow also announced that John Tutte had agreed to delay a step back to non-executive chairman from 30 June until the company's AGM in November.

Matthew Pratt would still take up the position of chief executive from 1 July, as previously announced.




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