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Costain refinances bank and bonding facilities
(Sharecast News) - Construction and engineering firm Costain said on Wednesday that it has successfully refinanced its bank and bonding facilities. Costain said it had secured a new four-year agreement that will extend its facilities until September 2029, with an option to extend for an additional year.
The FTSE 250-listed firm stated the new facility agreements, which replace its previous three-year agreements, include a £100.0m revolving credit facility and bonding facilities totalling £295.0m.
Cosain said its new revolving credit facility was backed by a group of five banks, including Lloyds Bank, as well as Crédit Industriel et Commercial, HSBC, National Westminster Bank and Banco de Sabadell.
Chief executive Alex Vaughan said: "I am pleased that we have successfully secured a new four-year RCF and that Banco de Sabadell has joined our banking group. The success of this refinancing demonstrates the strong confidence our lenders and bond providers have in our business model, strategic plans and balance sheet strength."
As of 1020 BST, Costain shares were down 0.31% at 123.42p.
Reporting by Iain Gilbert at Sharecast.com
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