Rok drafts in PwC ahead of refinance talks

ROK is understood to be setting up refinancing discussions with its lenders, a month after the building group issued its second profit warning of the year.
A company spokesman said it was not at risk of breaching its covenants, and said the move to renegotiate its debt was an indication it was confident of meeting market expectations of profits for the year to 31 December.

“We have commenced discussions with our banks with a view to renewing our banking facilities,” the company said. “The timing of that refinancing is in line with the requirement to put new facilities in place in the early part of 2011.”

The group’s banks are drafting in PricewaterhouseCoopers (PWC) to verify Rok’s accounts ahead of the talks.