Wood signs new five-year sustainable bank facility

RNS Number : 7149P

Wood Group (John) PLC

21 October 2021

 

21^st October 2021

John Wood Group PLC ('Wood' or 'the Company')

LEI:  549300PLYY6I10B6S323

Wood signs new $1.2bn, five-year sustainable bank facility

Wood, the global consulting and engineering company, today announces it has signed a new $1.2bn, five-year committed sustainable Revolving Credit Facility ("RCF") with a group of 16 relationship banks.

This extends the maturity profile of Wood's debt facilities by replacing the existing $1.75bn RCF that was due to step down to $1.5bn in May 2022 and remain at that level until maturity in May 2023.

The financial covenants and lending margin on the new facility are the same as the existing RCF.

The new facility also includes KPIs linked to growing export revenue related to energy transition and sustainable infrastructure and reductions in scope 1 and 2 carbon emissions.

Wood has now completed its planned debt refinancing exercise - as a result, its principal facilities now comprise:

●	$600m Transition Export Development Guarantee facility maturing in July 2026
●	$1.2bn RCF maturing in October 2026
●	c$880m of US private placement loan notes maturing at various dates between 2021-2031 (of which only c$300m is due before 2026)

David Kemp, Chief Financial Officer, Wood said:   "This new facility reflects the continued strength of support from our relationship banks and their confidence in Wood and our strategy. The Group now has a balanced portfolio that maintains Wood's strong liquidity and financial headroom in line with our conservative approach to debt financing arrangements".

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About Wood:

Wood is a global leader in engineering and consultancy across energy and the built environment, helping to unlock solutions to some of the world's most critical challenges. We provide consulting, projects, and operations solutions in more than 60 countries, employing around 40,000 people. www.woodplc.com

For further information contact:   [e-mail]

 

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