Inland Homes PLC Triggering of HSBC Accordion Facility (6970A)
October 01 2020 - 1:01AM
UK Regulatory
TIDMINL
RNS Number : 6970A
Inland Homes PLC
01 October 2020
1 October 2020
Inland Homes plc
("Inland Homes", "Group" or "Company")
Triggering of HSBC Accordion Facility and update on gearing
level
The Group is pleased to confirm that it has triggered the
accordion part of the revolving credit facility ("RCF") with HSBC
of GBP20 million. This takes the facility available for day-to-day
use by the Group from a current maximum of GBP45 million, to a new
maximum of GBP65 million. Proceeds from sales of relevant sites are
used to repay the facility with additional drawings made to fund
housebuilding activity which provides the Group with flexibility
and balance across its housebuilding activities.
The Group entered into the facility in March 2019 and has used
the facility to deliver quality homes across the South East of
England. The facility is currently supporting four housebuilding
schemes and the Group intends to bring in two further housebuilding
schemes of consented land into the facility in the first six-months
of the financial year to 30 September 2021.
As a wider update on gearing, the transactions announced by the
Group during the second six months of the financial year have
further reduced the gearing level in line with the strategic aim
set by the Group for the financial year to 30 September 2020.
Stephen Wicks, Chief Executive, commented:
"We are very pleased to have triggered the accordion element of
our revolving credit facility from HSBC for our expanding house
building activity. We continue to deliver new homes of outstanding
quality across the South and South East of England and we look
forward to using this increased facility to deliver many more much
needed homes in the coming financial year for our customers.
The Group continues to structure its project delivery via a
mixture of debt and equity relevant to the prevailing market
conditions and has made significant progress on reducing the
gearing of the Group during the financial year in line with its key
strategic aim."
Enquiries:
Inland Homes plc: Tel: +44 (0) 1494 762450
Stephen Wicks, Chief Executive
Nishith Malde, Finance Director
Gary Skinner, Managing Director
Panmure Gordon (UK) Limited Tel: +44 (0) 20 7886 2500
Dominic Morley
Erik Anderson
Instinctif Partners Tel: +44 (0) 20 7 457 2020
Mark Garraway
Rosie Driscoll
Notes to Editors:
Incorporated in the UK in 2005, Inland Homes plc is an AIM
listed specialist housebuilder and brownfield developer, dedicated
to achieving excellence in sustainability and design.
Inland Homes acquires brownfield land in the South and
South-East of England principally for residentially led development
schemes. The business then enhances the land value by obtaining
planning permission, before building open market and affordable
homes or selling surplus consented land to other developers to
generate cash.
The Company is committed to extensive public and community
consultation in order to ensure that, where possible, local
community needs and objectives are met.
Inland's aim is to create sustainable communities and homes
which set a benchmark for all future developments in the South and
South East of England. The Company is always looking for brownfield
sites without planning permission for future development.
For further information, please visit the Inland Homes website
at www.inlandhomes.co.uk .
Hugg Homes - www.hugghomes.co.uk
Rosewood Housing - www.rosewoodhousing.co.uk
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