28th Jul 2015 07:00
ASHTEAD GROUP PLC
SENIOR CREDIT FACILITY INCREASED TO $2.6 BILLION AND EXTENDED TO 2020
28 July 2015
Ashtead Group plc ("Ashtead" or the "Company") is pleased to announce that it has amended and extended its $2.0 billion senior credit facility that was due to mature in 2018. The Company has increased the facility size to $2.6 billion, reduced the cost to LIBOR plus 125bps to 175bps and extended its maturity to July 2020.
Ashtead's chief executive, Geoff Drabble, commented:
"We are delighted to have completed this refinancing which provides us with long term stability and capacity to continue the execution of our well established strategy. It ensures that our debt package remains well structured and flexible. Against a backdrop of strong end markets and market share gains, we will utilise the facility to support the needs of the business with organic fleet growth. This growth combined with further greenfield openings and bolt-on acquisitions will continue to broaden the geographies and markets we serve. We continue to grow responsibly, generating strong returns and maintaining leverage within our stated objectives. I would like to thank the bank group for their support in the further growth and development of Ashtead."
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Enquiries:
Geoff Drabble | Chief executive | ||
Suzanne Wood | Finance director | +44 (0)20 7726 9700 | |
Will Shaw | Director of Investor Relations | ||
Becky Mitchell | Maitland | +44 (0)20 7379 5151 | |
Tom Eckersley | Maitland |
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Ashtead Group