19th Sep 2024 11:40
(Alliance News) - James Fisher & Sons PLC on Thursday announced it has secured new bank facilities to the value of GBP95 million, to increase flexibility for operations within the business.
The Cumbria, England-based marine services provider said the new facilities involved a three-year GBP75 million revolving credit facility and a five-year GBP20 million term loan. The revolving credit facility also contains two one-year extension options.
It was secured from a syndicate of four international banks, of which three were existing lenders and one was a new lender.
Since the start of 2024, the company has "significantly" reduced its debt through the sale of non-core businesses and improved cash management. This facility will enable James Fisher to increase flexibility within the business' operations, whilst also reducing overall maintenance costs.
Chief Executive Officer Jean Vernet said: "Our overriding priority in 2024 was to improve the group's financial position, by significantly deleveraging the group towards our target range. Completing the refinancing provides the key foundations for growth needed to complete the second phase of our business turnaround and unlock the company's full potential in the blue economy."
Shares in James Fisher were up 1.5% at 349.00 pence each in London on Thursday morning.
By Emily Parsons, Alliance News reporter
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