NSG Group, the Japanese owner of UK glass manufacturer Pilkington, has secured GBP 380 million of new banking facilities, which mature in 2013, as part of a refinancing.
The Manchester branch of Hand…
NSG Group, the Japanese owner of UK glass manufacturer Pilkington, has secured GBP 380 million of new banking facilities, which mature in 2013, as part of a refinancing. The Manchester branch of Handelsbanken has provided GBP 35 million, with other lenders being BNP Paribas, Lloyds TSB, Sumitomo Mitsui and Royal Bank of Scotland. The new facilities include a GBP 335 million revolving credit facility and a GBP 45 million term loan, and will be used to prepay a portion of the firm“s existing borrowings, which mature in FY2011. NSG Group reported annual sales of EUR 5.7 billion in 2009 and has about 30,000 employees worldwide. Steve Cox, corporate banking manager at Handelsbanken in Manchester, said: Handelsbanken has supported Pilkington since 1994 and the latest facility for parent company, NSG Group, represents a considerable increase from our current position. The facilities will ensure that NSG Group is well-positioned for the global upturn and reflects the growing confidence in the manufacturing industry.