The new deal gives Bovis a £125m committed revolving credit facility expiring in March 2017 and a three-year term loan of £25m. This financing arrangement replaces the previous £150m committed revolving credit facility. Cost of the new arrangement is broadly unchanged.
Group finance director Jonathan Hill said: "The new arrangement provides the group with a longer, unsecured facility, offering the financial flexibility to enable the group to continue strong land investment in order to increase the output capacity of the group, as well as manage its working capital requirements."
As at 31 December 2012, Bovis Homes showed £19m net cash on its balance sheet.
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