22nd Feb 2019 08:19
LONDON (Alliance News) - British Gas parent Centrica PLC said Friday that it has renewed and extended a series of banking facilities worth in aggregate GBP4.2 billion.
The FTSE100 listed energy company renewed the facilities with 21 banks with an initial maturity date of February 2024. The new bilateral committed revolving credit facilities replaces the majority of the company's existing credit facilities which were due to expire in 2021.
The new five-year credit facilities have two separate one-year extension options exercisable by mutual consent on the first and second anniversary of the facility.
"We are pleased to confirm the renewal of our revolving credit facilities. Following the successful completion of our liability management programme last year, this positions the company's balance sheet well for the future," Executive Director & Chief Financial Officer Chris O'Shea said.
Centrica on Thursday had reported an increase in its annual profit and revenue but warned on the pressuring effects of the UK tariff caps on its 2019 results.
The company also announced the sale of its US Clockwork Home Services business to Authority Brands, a home services franchise platform, for USD300 million. The sale was a part of the company's plan to offload GBP500 million worth of non-core assets.
For 2018, the company posted pretax profit of GBP575.0 million, significantly higher than the GBP137.0 million profit posted a year ago. Revenue rose to GBP29.69 billion from GBP28.04 billion.
The company described its 2018 performance as "mixed", with good financials but struggling volumes in its Spirit Energy and Nuclear units and a slow recovery in the firm's North America business.
Centrica declared a final dividend of 8.4 pence per share, giving an unchanged total payout of 12.0p.
Centrica shares were trading 1.9% lower at 118.35 pence each on Friday morning.
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