Wolseley completes credit deal

Wolseley, the builders’ merchant, has concluded the successful syndication of two five-and-a-quarter-year revolving credit facilities, with a combined total of £820m. The firm said the facilities will replace existing committed bank facilities of £1.6bn that were due to mature August 2013, and that the move to current market pricing will save it approximately £12m per year. However, unamortised arrangement fees of £7m will be written off this year as consequence of cancelling the surplus facilities.