Persimmon has completed a refinancing deal with its debt providers to relax its loan covenants and now has a new facility of £322 million until March 31 2012. The housebuilder currently has around £600 million of debt. After agreeing the refinancing deal, it now has an overdraft facility of £1.1 billion which will reduce to £560 million during 2011, it said. “We expect these new facilities to provide ample headroom and support for the effective management of the business over the next few years,” Persimmon stated. Taylor Wimpey has also been in talks with its debt providers over its debt covenants, but in March announced that these would not conclude until this month, after the date that its covenants were to be tested (March 31). This is the second time the housebuilder has deferred the testing date of its covenants. The original testing date was December 31. Taylor Wimpey said: “We will announce our preliminary results for the year ended 31 December 2008 following the completion of the financing process in April and we will provide further information on progress to the market as appropriate.”