International law firm Eversheds has advised Scottish Resources Group (SRG) on the new banking arrangements for its latest £47.5m debt facilities with Lloyds Banking Group. The facilities replace an existing £23m facility with the Company’s previous bankers. The new facilities will fund the future development and growth of the business.
As the largest surface mine operator and the second largest coal producer in the UK, Scottish Resources Group supplies around four million tonnes of coal per annum to the power generation, industrial, and domestic markets. Last year SRG’s production was up over 12% year-on-year and with five million tonnes of coal added to the reserves base.
Don Nicolson, Chief Executive of Scottish Resources Group, said:
“We look forward to executing our growth strategy in our core mining business as well as further developing the extensive opportunities we have in the renewable energy, land and property sectors. Our established relationship with Eversheds made them the obvious choice as our trusted legal and business advisors and we look forward to working together on the future growth plans these new facilities provide.”
Partner Colin McKay, who led the Eversheds team of experts, commented:
“We’ve been delighted to help our client SRG put in place this fresh financing package which gives the group a platform for growth and demonstrates real support from Lloyds Banking Group”.