The Quinn Group has entered discussions with banks in relation to the €780m of bank and bond debt due this year, the Irish Times has reported.

The Fermanagh-based building group is looking to renew the borrowings, which includes €700m of bank debt and €80m of bonds.

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According to the report, however, the multi-faceted company's attempt to secure refinancing on this scale may be complicated due to the fact that it no longer has a credit rating.

The present terms of the current debt facility are not known, but the Derrylin company could be facing significantly higher funding costs due the absence of a rating, with some investment funds are precluded from investing in any unrated debt.

(NS/GK)