Coats plc, the sewing thread and needlecraft product manufacturer, has agreed an $85 million refinancing deal with The Royal Bank of Scotland (RBS) to support its business growth.
RBS (a joint mandated lead arranger) has organised the refinancing as its contribution to a larger $625 million package involving funding from other banks such as HSBC, HBOS and Barclays.
“We are very grateful to RBS for the funding line put in place and the work done by all parties involved in concluding this deal in a timely and professional manner,” said Coats CEO Mike Smithyman.
Meanwhile, RBS relationship director for industries Roy Bawden said the bank was delighted with the deal, adding: “The new financial package put in place for the company means that they can implement their plans from a sound and secure platform.”
