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RBS to refinance Coats

Coats, the US manufacturer of sewing thread and needlecraft brands, has agreed to an $85 million (£43.1m) refinancing deal with The Royal Bank of Scotland to help grow its business.

RBS has structured the refinancing facility to support Coats' day-to-day liquidity requirements. The facility is part of a larger $625m (£317m) package, which is being funded by RBS, HSBC, Barclays and other banks.

Coats chief executive Mike Smithyman said: "We are very grateful to RBS for the funding line put in place and the work done by all parties involved in concluding this deal. RBS has a large global presence and fits well with Coats’ international reputation. We have been impressed with RBS’ commitment and dedication to our business and look forward to working with them in our business expansion endeavours."

Coats was established in 1755 and operates in 73 countries. It produces thread for the clothing and footwear industries.

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