ABL refinancing

RNS Number : 9777L

Ashtead Group PLC

03 January 2019

 

3 January 2019

Ashtead Group plc ("Ashtead" or the "Group")

Senior credit facility amended and extended

Ashtead today announces that it has extended the maturity of its senior credit facility ("ABL facility") to December 2023 and increased it to $4.1bn. Depending on availability under the facility and leverage, the pricing grid ranges from LIBOR plus 125bp to LIBOR plus 175bp. The Group's current borrowing rate is LIBOR plus 150bp, a reduction of 25bp under the amended facility. Other terms and conditions remain unchanged.  This amended facility ensures our debt package remains well-structured and flexible, enabling us to take advantage of prevailing market conditions whilst maintaining leverage in our target range of 1.5 to 2.0 times net debt to EBITDA.

The Group's amended debt facilities are committed for an average of six years at a weighted average interest cost of less than 5%. 

Geoff Drabble, Chief Executive, commented:

"We are delighted with the support we have received from our bank group. It is a testament to the performance and strength of the Group.  This amended facility enhances the flexibility of our debt package and strengthens further the balance sheet which supports our long-term strategy of responsible growth through a combination of organic investment and bolt-on acquisitions."

Enquiries:

Ashtead Group	Will Shaw	[phone]
Maitland/AMO	James McFarlane	[phone]

 

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