Centrus advises Harworth Group plc on its new £275m revolving credit facility to support continued business growth

Transaction overview

Harworth Group plc is a FTSE-250 listed regeneration & strategic land owner and developer, focused on industrial & logistics (“I&L”) and residential sectors. They own and manage a portfolio of over 15,000 acres of strategic land throughout the North of England and the Midlands.

The transaction involved the refinance and upsizing of their group revolving credit facility (RCF):

1. Upsized to £275m¹ (+£50m accordion), providing ample capacity to support continued business growth
2. Extended the Group’s debt maturity by c. 2.5 years
3. Improved the core margin of 200bps over SONIA
4. Increased operational flexibility and enhanced financial covenant headroom

Centrus’ role

Centrus has acted as Harworth’s financial advisor since 2022. As part of this debt capital raise, Centrus’ role included:

• Structuring: developed an optimal financing strategy that balanced liquidity, improved pricing and covenant flexibility while aligning with Harworth’s long-term growth objectives
• Lender engagement: ran a competitive process while managing lender negotiations to achieve favourable pricing and structural terms
• Execution: provided end-to-end support throughout the process, ensuring smooth execution in line with the transaction timetable

“We are delighted to support longstanding client Harworth Group plc with this strategic refinancing and upsizing of their group revolving credit facility. In addition to increasing the size and extending the maturity of the facility, we were also able to deliver a number of enhancements to both the economics and terms of the facility, which will support Harworth in delivering its growth objectives over the coming years”

Scott Douglas, Senior Director, Head of Debt Advisory – Centrus

For more information, please contact Scott Douglas, Senior Director, Head of Debt Advisory, Ella Boomer, Assistant Director or Sean Quinn, Senior Analyst

1 £240m previous RCF commitments

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