The new facility has been jointly arranged by Banc of America Securities LLC and Deutsche Bank Securities Inc and fully underwritten equally by Bank of America NA, Deutsche Bank Trust Company Americas and General Electric Capital Corporation. On closing the proceeds of the new facility will be used to repay the amounts outstanding under the Company’s existing senior debt facility and its accounts receivable securitisation with the balance of the facility available to fund future requirements. At 30 September 2004, approximately £270 million was outstanding under the facilities being replaced.

George Burnett, chief executive commented “this financing will extend our senior debt maturity until late 2009 at lower cost and provide the Group with new debt facilities which will enable it to take further advantage of the improving economic conditions in its key markets”.