One-51 agrees extension to €200m bank facilities

ONE-51, the Philip Lynch-led investment group, has successfully agreed an extension to its existing €200m bank facilities six months ahead of expiration, meaning the business is fully funded up to 2013.

The revised credit facility expires in June 2013. One-51 said that the terms of the deal are “competitive in the current banking environment”, but admitted too that they represent an increase to its previous borrowing costs which were agreed in 2006.

It had been privately speculated that the group could find it difficult to reach any refinancing agreement with the banks by the end of this year.