One Fifty One secures €200m banking facility

One Fifty One announced today that it has reached agreement with its existing syndicate of six banks to extend a €200m banking facility to the Group out to June 30, 2013.

Bank of Ireland Corporate Banking has acted as Coordinating Bank, Agent and Mandated Lead Arranger on the transaction.

The facility participants are Allied Irish Bank, Bank of Ireland, Bank of Scotland, KBC Bank, Rabobank and Ulster Bank.

The terms are competitive in the current banking environment but do represent an increase on previous borrowing costs agreed in 2006.

Commenting on the announcement today, Philip Lynch, chief executive said: "We are very pleased to have reached agreement with our banks on this facility well in advance of the expiry of our previous agreement.

"One51 has been actively deleveraging over the past two years and this facility gives the Group good headroom over anticipated borrowing requirements. We are also pleased to retain the support of our banking group who have supported One51 since its inception.”

"Group borrowing stood at €147m at December 31, 2010, comfortably within our existing facilities.

"Interest cover was seven times EBITDA. Over the past three years operating cash flow and selective investment realisations have enabled the Group to reduce borrowing by €66m to €147m, a reduction of 31%.”