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Notes to the financial statements 28

for the year ended 31 March 2012

Acquisition (Continued)

Other Acquisitions During the year Keepmoat Limited acquired a further 4% in Milnerbuild Limited, a trading subsidiary of Force Solutions Limited, for a deferred consideration of £73,000 which is included in other creditors.

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Post balance sheet events

Following the year-end on 23 October 2012, the Keepmoat Group of which Keepmoat Limited is an intermediate holding company completed a significant recapitalisation. As part of this, the debt facilities of the Group were restructured. Senior debt of £581.0m, interest rate swaps with a mark-to-market valuation of £34.5m, together with accrued interest of £32.5m were replaced with senior debt of £235.0m and mezzanine debt of £65.0m. The new facilities benefit from substantially increased term with facilities maturing in 2018/19 as well as a reduced margin. The remaining debt obligation of £348.0m owed to Bank of Scotland was converted into equity as part of the buy-out. At the same time, the Group’s Revolving Credit Facility of £75.0m was increased to £125.0m which will allow the Group to take advantage of market opportunities. Following the refinancing, the Keepmoat Group’s debt has been reduced substantially with term debt reduced from £581.0m to £300.0m.

Keepmoat Annual Report and Financial Statements 2012

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Keepmoat plc Annual report and accounts 2012  
Keepmoat plc Annual report and accounts 2012  
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