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Property giant secures PS100m in bank loans.

LSL Property Services has agreed a new PS100m banking facility from four banks to provide additional debt capacity, it has announced to the London Stock Exchange.

The Newcastle-headquartered business - the parent company of Your Move - and mortgage advice networks First Complete and Pink, has agreed a PS100m in loans from four banks set to mature in 2017.

The facility comprises a PS95m revolving credit facility and a PS5m overdraft facility provided by Barclays, Lloyds TSB Bank, HSBC and Santander.

The new facility replaces LSL's existing funding package of PS75m, which the company said would provide working capital and acquisition finance and the loan amount has been increased to provide additional debt capacity in line with the growth in group profitability over the last three years.

Steve Cooke, LSL group finance director, said: "We are delighted with the support shown by our banking partners and pleased to welcome HSBC and Santander into our arrangement.

"The new facility will enable LSL to continue to deliver its strategy of investing in organic growth initiatives and making selective value enhancing acquisitions."

Martin Lunt, HSBC Head of Corporate for Yorkshire and the North East, added: "LSL Property Services has undergone significant recent expansion and is well placed to benefit from the renewed strength of the housing market on both sales and lettings. This latest finance package will give it the ability to continue its strong growth path through a combination of organic expansion and strategic acquisitions."
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Title Annotation:Business
Publication:The Journal (Newcastle, England)
Date:Jun 21, 2013
Words:241
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