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April 9, 2020, 2:29 a.m. EDT

U.K. builder Redrow says it can issue £300 million of commercial paper using Bank of England facility

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By Steve Goldstein

UK:RDW

U.K. homebuilder Redrow /zigman2/quotes/206663416/delayed UK:RDW +2.62% said it has been confirmed as an eligible issuer for the Bank of England's Covid Corporate Financing Facility with an issuer limit under the facility of £300 million, which is currently undrawn. Negotiations for the additional £100 million of headroom under the group's existing revolving credit facility are expected to be concluded by the end of April, which will take the facility to £350 million. Currently around 80% of the workforce has been furloughed under the government's job retention scheme, and its directors have volunteered to take a salary cut of 20%.

/zigman2/quotes/206663416/delayed
UK : U.K.: London
461.40 p
+11.80 +2.62%
Volume: 1.55M
May 22, 2020 4:35p
P/E Ratio
5.26
Dividend Yield
4.44%
Market Cap
£1.59 billion
Rev. per Employee
£857,265
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