20th Feb 2014 09:15
LONDON (Alliance News) - Medical devices to engineering services company Smiths Group PLC Thursday said it had completed the refinancing of its existing USD800 million bank facility after it arranged a new committed revolving credit facility for the same amount with a consortium of ten banks.
In a statement, the company said the new facility, which is currently undrawn, matures in February 2019 with two one-year extension options. The old facility was due to mature in December 2015.
"This core bank facility, now extended to 2019, will continue to provide Smiths Group with a solid financial platform to underpin the delivery of its strategic goals. Its successful completion reflects the close relationship we enjoy with our banking partners," Finance Director Peter Turner said in a statement.
The company launched the next phase of a restructuring plan in December, saying it is targeting about GBP50 million of annual savings in four years time. It said it will provide full details of the scheme in March but said restructuring of its John Crane energy services business would account for GBP14 million of the total savings.
Smiths Group shares were down 1.1% at 1,395 pence Thursday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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