Grafton agrees €565m credit deal

Grafton Group has agreed a £460m (€565m) five-year credit facility with its main lenders, which is expected to see it benefit from around £3m in annualised savings.

The Dublin-headquartered builders merchanting and retail DIY group — which switched its share listing to London last year — said the bilateral multi-currency facilities have a maturity date of May 2019 and take advantage of improved lending conditions.

The company added the move should lead to yearly finance charge savings, based on current drawings, of approximately £3m.