Kingspan completes new €700m revolving credit facility

Cavan-based listed insulation manufacturer Kingspan has completed a new €700 million revolving credit facility with a syndicate of 10 banks.

The new five-year facility matures in May 2026, with an extension option for a further two years.

Kingspan said the financing would be used for general corporate purposes.

"We are very pleased to complete this financing with a top tier of international banks, who can support Kingspan in all of our key markets, regionally and globally. When combined with the green private placement bond of €750 million completed in December 2020, Kingspan has arranged €1.45 billion of sustainable debt funding over the last six months," chief financial officer Geoff Doherty said.

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Kingspan said in April that sales rose sharply in the first three months of the year as the company reported strong growth across its main markets.

It said sales rose 24 per cent in the three months to March 31st to €1.28 billion. However, the business has been challenged by “significant” raw material inflation.