Finance News

Survitec Receives £27.5 Million Revolving Credit Facility from Santander UK

Global survival and safety solutions leader, Survitec, has completed a £27.5 million Super Senior Revolving Capital Facility (RCF) with Santander UK. This new facility is in addition to the recently finalized £270m refinancing announced by the company in April.

Both agreements support Survitec’s growth plans for its survival technology products and services.

The new RCF is complemented by a foreign exchange facility, which is also provided by Santander UK. Santander UK is one of the UK’s leading retail and commercial banks and is a wholly owned subsidiary of the major global bank Banco Santander.

Ray Leclercq, Survitec’s Chief Financial Officer said: “This transaction is a demonstration of confidence by one of the UK’s leading banks in Survitec’s business, our growth plans and our ability to execute those plans. This complements other key 2021 Survitec milestones, including completion of a £270m refinancing and the acquisition of Hansen Protection.”

In May 2021, Survitec announced the acquisition of Hansen Protection, a leading European provider of protective wear for the energy, defense and agriculture sectors.

“Adding Hansen Protection’s highly regarded products to Survitec’s portfolio is consistent with our goal to be a single global partner for maritime and defense customers across the globe,” continued Mr. Leclercq.

Commenting on the new RCF transaction, Chris Thomas, Director, Structured Finance, Santander UK said: “Survitec is a global leader in the survival and safety solutions markets. We are delighted to provide funding to support the next important phase of its growth strategy.”

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