Tenon beefs up credit line with US$70 mln banking facility

Wed, 04 Sep 2013

Sept. 5 (BusinessDesk) - Tenon, the wood mouldings company controlled by former Fletcher Challenge unit Rubicon, boosted its funding lines, signing up to a bigger banking facility as it seeks to cash in on the US housing recovery. The Auckland-based company signed a five-year, US$70 milion facility, adding PNC Bank National Association to its banking syndicate with existing lenders Bank of New Zealand and Comerica Bank, it said in a statement. That replaces its existing US$54 million facility. Tenon will have to meet a short-term quarterly...

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