Saint-Gobain, whose stable of companies includes a variety of UK-based timber businesses, has signed a deal that will see the group refinance its entire debt by the end of next year.

The group, which includes Jewson and International Timber, has signed a revolving credit facility with a group of 24 banks for €2.5bn with a three-year maturity.

After strengthening its balance sheet in March through the success of its €1.5bn capital increase, and issuing two bonds in January and May for a total amount of €1.75bn, Saint-Gobain has now completed the refinancing of all its long-term debt.

This credit facility increases the average maturity and the flexibility of the group’s debt while reducing its average cost.