Redrow PLC (LON:RDW) rose on Thursday on it confirmed a loan from the Covid Corporate Financing Facility (CCFF), a UK government fund to help companies hit by the coronavirus (COVID-19) crisis.
Set up by HM Treasury and the Bank of England, the CCFF will provide the housebuilder with a short-term loan of £300mln.
READ: Berkeley upgraded but Redrow and Taylor Wimpey downgraded as JP Morgan realigns view of housing sector amid pandemic
In a statement, the FTSE 250-listed company added that it is negotiating with its lenders for an extra £100mln headroom under an existing debt facility.
The firm said it is engaging in cost-cutting measures, with 80% of staff being furloughed, and senior management taking a 20% salary cut.
Shares advanced 9% to 440.8p on Thursday morning.
--Adds shares--