StockMarketWire.com - Ground engineering contractor Van Elle said it had agreed to source up to £11 million of asset-based lending facilities from ABN AMRO Commercial Finance as part of refinancing of its debt.

Van Elle said the facilities were being provided on a revolving basis over four years and had no financial covenants.

'The new facilities, which shall be undrawn on completion, provide additional balance sheet strength to enable the group to support growth and provides greater flexibility for future capital expenditure requirements,' the company said.

An existing £2.5 million overdraft facility with Lloyds had been terminated as part of the refinancing.

Van Elle said its cash position at the end of September was around £11.5 million and remaining debt under hire purchase agreements was £5.7 million.



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