Hill Dickinson’s banking and finance team has advised water utility company, Dee Valley Water plc, on the refinancing of its existing bank funding which includes a £30 million funding package from HSBC.

Dee Valley Water supplies around 63 million litres of water every day to more than 258,000 people over 831 square kilometres across North East Wales and the North West of England.

The new five-year revolving credit facility is worth £21 million more than it previous arrangement with the bank, which was due to mature in March 2016. The new facility also has an option for a two-year extension beyond 2020.

The firm plans to put the funding towards a £50m investment programme that will include upgrading water treatment works, rebuilding treated water storage reservoirs and the renewing of mains.

Hill Dickinson partner, Richard Capper, led on the deal, alongside senior associate, Helen Penfold.

Richard commented on the deal: “This is an exciting time for Dee Valley, securing its largest capital investment programme to date.  We wish the firm all the best for the future.”