Compnay which has shares in Donegal co-ops confirms new Banking Facilities

An investment company in which a number of Donegal co-ops have significant shareholdings has confirmed new Banking Facilities totaling €200 million with a group of its banks.

One51 employs over 1,000 people in Ireland and the UK, and says the new banking facilities will support further growth and development of its exports base.

The investment company One51 was established in 2005 as part of the break up of the IAWS group. It holds investment portfolios in infrastructure, renewable energy and food and distribution.

One51 manages investments for a number of Donegal cooperatives, including Templecrone Co-op, Inishowen Co-op Society Ltd, Inishkeel Co-op, Glenveagh Agricultural Co-operative Society Ltd and Clonleagh Co-op.

The company says the agreement of these new  banking facilities comes well before exoasting arrangements expire, and reflects the strength of the company. Borrowing costs are up slightly on the rates agreed in 2006, but remain highly competitive in the current financial era.

Meanwhile, in a tangential move, it's been confirmed that results for the year ended December 31st last will be sent to shareholders shortly.