Weir Group refinances main banking facility
By Iain Gilbert
Date: Wednesday 13 Apr 2022
(Sharecast News) - Engineering firm Weir Group has completed the refinancing of its main banking facility, with a syndicate of 11 global banks.
Weir said on Wednesday that its new $800.0m revolving credit facility will mature in April 2027 and comes with an option to extend for up to a further two years.
The FTSE 250-listed firm stated the margin on the new facility was "significantly lower" than the previous facility that was agreed upon during the early stages of the Covid-19 pandemic and reflected positive credit rating momentum over the last two years as it continued to reduce leverage and "show its resilience" as a mining technology-focused business.
Although the new facility replaced the existing $950.0m RCF that was due to mature in June 2023, all key terms, including covenants, remained unchanged.
As of 0830 BST, Weir shares were down 0.65% at 1,525.0p.
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