13th Oct 2022 13:36
(Alliance News) - Ferguson PLC on Thursday reported a series of financing transactions to increase its liquidity by USD800 million.
The New York and London-listed plumbing and heating products supplier said it has secured a new USD500 syndicated three-year bank term loan credit facility which matures in October 2025.
The company increased its existing receivables securitisation facility by USD300 million and its revolving credit facility by USD250 million. The securitisation facility was extended to October 2025 while the revolving credit facility matures in March 2026.
Ferguson also reduced its 364-day bilateral revolving facility, which matures in March 2023, by USD250 million.
Chief Financial Officer Bill Brundage said: "This additional liquidity demonstrates the continued confidence in our business model and provides additional flexibility to continue to invest in our capital priorities."
Shares in Ferguson were trading 2.4% lower at 9,428.00 pence each in London on Thursday afternoon
By Chris Dorrell; [email protected]
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