Grainger plc Extends GBP 540 Million Core Banking Facility to 2033

Grainger plc had agreed an extension on GBP 540 million of its core banking facilities to 2033 with AIB, Barclays, HSBC and NatWest. The extensions further strengthen the company's balance sheet with weighted average facility maturity including extension options increasing to 4.6 years. The extensions were agreed at lower margins, resulting in an annual saving of approximately GBP 1 million in finance costs.

This is in line with Grainger PLC's previously stated plan to deleverage by GBP 300 million to GBP 350 million by Fiscal year 2029, targeting an LTV of 30% and Net Debt to EBITDA of 8x.