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Solihull manufacturer Hill & Smith Holdings has agreed terms on a £210m credit facility with five banks. Details of the five-year finance package were revealed in the company's interim management statement to the Stock Exchange this morning. Hill & Smith said the refinancing deal would enable it to continue to execute its growth strategy, including geographical expansion and selective acquisitions.

The multi-currency credit facility will replace the existing facility that was due to expire in June 2012.

It is split into three non-amortising amounts of £113m, €35m and $110m, and has been arranged with a syndicate of the company's core relationship banks and new lenders. The lending banks forming the syndicate are Barclays; Lloyds TSB; HSBC; AB Svenska Handelsbanken and Yorkshire Bank.

DLA Piper LLP Birmingham acted for the banks and Pinsent Masons LLP Birmingham acted for Hill & Smith.

Mark Pegler, finance director of Hill & Smith, said the new facilities would help the group to develop in the coming years.

Barclays' Birmingham-based deal team led by relationship director David Jew worked on the deal. He said: "We are delighted to have played the leading role in Hill & Smith's refinancing. Hill & Smith are a long standing customer of Barclays Corporate.

"We have an excellent relationship with the management team and our role on this transaction further strengthens this. We look forward to seeing Hill & Smith continuing to grow in the future."

Ian Stitt, HSBC's deputy head of corporate banking, Midlands, also led the deal. He said: "We’re delighted to take on this integral role alongside Barclays, in what is a strategically important move for this existing HSBC customer. This deal sees us increasing our support for Hill & Smith, and as such we look forward to furthering the progression of this key Midlands business."

Hill & Smith announced the implementation of the finance deal after its $45m acquisition of the Paterson Group in March this year.

This morning, the company said the completed acquisition would provide it with "a significant position in the North American pipe supports market and an established presence in the nuclear power industry both in the USA and globally".

Hill & Smith said that for the first quarter of 2011 (1 January – 8 May), the company's performance was underpinned by the "international diversity and strength of our businesses".

The board added it had experienced "variable levels" of order intake as a result of uncertainties over long term capital projects, the timing of major expenditure and pockets of recovery in certain markets.

In a statement, the board said its expectations for the full year remained unchanged, with a continued weighting towards the second half.