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01/10/2008

Kingspan Announces €330m Credit Fund

Irish building materials giant Kingspan has announced the attainment of €330m from a syndicated credit facility, that will fund future expansion plans.

The firm said the finance had been put in place to support growth schemes, planned for the next five years.

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The new fund replaces a previous syndicated facility that was due to run until December 2009.

The Cavan-based firm said the oversubscribed funding was put in place to allow Kingspan's organic and acquisition growth plans.

Finance Director Dermot Mulvihill explained: "Kingspan is pleased that in the current banking environment its banks, including a number of new lenders, have expressed confidence in Kingspan's business model."

IIB Bank Plc/KBC Bank was the sole bookrunner on the deal.

(PR/JM)

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