3rd Jan 2019 08:09
LONDON (Alliance News) - Industrial equipment rental company Ashtead Group PLC on Thursday said it has extended the maturity of its senior credit facility to December 2023 and increased it to USD4.1 billion.
"This amended facility enhances the flexibility of our debt package and strengthens further the balance sheet which supports our long-term strategy of responsible growth through a combination of organic investment and bolt-on acquisitions." said Chief Executive Geoff Drabble.
In December 2016, the company had increased the size of the facility to USD3.1 billion.
The pricing on the amended loan ranges from London Inter-bank Offered Rate plus 125 basis points to LIBOR plus 175bp. The company's current borrowing rate is LIBOR plus 150 points.
The amended debt facilities are committed for an average of six years at a weighted average interest cost of less than 5%.
Shares in Ashtead opened 0.8% lower at 1,645.50 pence each on Thursday.
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