Severfield, the Thirsk, North Yorkshire-based international steel group, announced that it has signed a new three-year banking facility agreement with its existing lending syndicate on June 11, 2026.
The group’s existing banking facilities, comprising a £60 million revolving credit facility (RCF) and a £7.6m term loan, were due to mature in December 2027.
The new agreement comprises a renewed £60 million revolving credit facility, a continuation of the £7.6m term loan facility, amortising through to December 2027, and a new accordion option of up to an additional £30 million, subject to lender consent.
Severfield has six sites, 1,800 employees and expertise in large, complex projects across a broad range of sectors. The group also has an established presence in the expanding Indian market through its joint venture partnership with JSW Steel, India’s largest steel producer.
“The facilities have an initial three-year term, running to June 2029, with two one-year extension options on the RCF subject to lender consent,” said Severfield.
“The refinancing replaces the group’s existing facilities and further strengthens Severfield’s liquidity position and financial flexibility.
“The facilities remain unsecured and continue to be provided by a strong syndicate of relationship banks, with improved commercial terms reflecting the group’s strengthened financial position, including a reduced margin and more favourable covenant terms
“The refinancing provides Severfield with substantial committed liquidity and enhanced financial flexibility to support the group’s operational requirements, ongoing investment priorities and future strategic opportunities across its core UK and European markets.”
Severfield chief financial officer Andrew Page said: “We are pleased to have successfully completed this refinancing with the continued support of our banking partners.
“The new facilities enhance our financial flexibility, extend our debt maturity profile and provide improved commercial terms reflecting the group’s strengthened financial position, as well as a strong platform to support the group’s future growth opportunities.
“This refinancing reflects the strength of Severfield’s market position, long-term customer relationships and resilient business model. We thank our lenders for their continued support and confidence in the group.”