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Sunday, 14th April 2024
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Kingspan sets up €350 mn loan Back  
Building materials group Kingspan has put in place a syndicated credit facility of €350 million in a move designed to fund its expansion over the next five years.
FFinance director Dermot Mulvihill said that part of programme involved increasing an existing syndicated credit facility by €200 million.

‘The syndicated credit facility reinforces our stated strategy of expansion by organic growth, and via selective acquisitions,’ said Mulvihill. He added that the company had no plans to extend the facility again in the near future.

IIB Bank and KBC Bank acted as mandated lead arranger on the deal for Kingspan, which recently announced that Gene Murtagh Jr would take over as chief executive from his father from January.

Stockbroking house Davy, which acts as broker to Kingspan, noted that the building company appeared to be signaling that it might become slightly more aggressive in seeking deals. However, it believes any acquisitions are likely to be small and bolt-on.

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