ONE51 HAS refinanced its debt ahead of the publication of results for 2010. A €200 million banking facility has been extended to June 30th, 2013. The group’s debt stood at €147 million at the end of December 2010 but is expected to be reduced further by the end of the year.

While the terms of the loan represent an increase on the previous borrowing costs agreed in 2006, the company described the terms as “competitive in the current environment”.

The publication of the company’s 2010 results had been expected last month. While not confirming a date for the publication of the figures, the company said the results would be published “shortly.”

It is expected that, while the company’s investments in companies such as NTR and Irish Continental Group will show significant write-downs, its environmental services division, ClearCircle Environmental, will have performed strongly.

An annual general meeting is expected to take place at the end of July. Chief executive Philip Lynch said the company had been actively deleveraging over the past two years and the new facility “gives the group good headroom over anticipated borrowing requirements”.

Bank of Ireland, which is leading the syndicate of banks, said it was “delighted to have completed this refinancing on One51s behalf”.

In a statement announcing the refinancing, Seán Barrett, director of Bank of Ireland corporate banking, said the bank looks forward to supporting the group through its next phase.