Cairn Homes completes €277m debt refinancing

Cairn Homes CEO Michael Stanley.
Cairn Homes CEO Michael Stanley.

Listed housebuilder Cairn Homes has completed a debt refinancing of its existing €200m senior debt facility with AIB and Ulster Bank into a new €277.5m term loan and revolving credit facility with AIB, Ulster Bank, and Barclays.

The aim of the refinancing is to help the growth of the business and reduce its finance costs, Cairn said in a statement today.

Additionally, the company completed a €72.5m private placement of loan notes with Pricoa Capital.

The term loan and revolving credit facility mature in December 2022, and the loan notes mature between 2024 and 2026.

The new facilities are secured by a corporate level debenture.

“We are delighted to have put this substantial and flexible new debt facility in place and continue our strong relationship with AIB and Ulster Bank, as well as building on our banking partners with the addition of Barclays and Pricoa,” Tim Kenny, finance director of Cairn, said.

“The new facilities will support the continued growth of our business as well as reducing our finance costs and extending the maturity profile of our debt.”

Last month An Bord Pleanála granted permission under the Government’s temporary fast-track planning system for 828 new homes and hundreds of student bed spaces to be developed across three schemes in Kildare and Dublin.

The largest of the projects will see Cairn Homes deliver 320 houses, 142 apartments and 483 student bed spaces on lands it owns at Mariavilla, Moyglare Road and Dunboyne Road, in Maynooth, both in Co Kildare.

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