Weir Group agrees new US$800m RCF

RNS Number : 1860I

Weir Group PLC

13 April 2022

 

Press Release
13 April 2022

New US$800m RCF agreed

The Weir Group PLC has successfully completed the refinancing of its main banking facility, with a syndicate of 11 global banks. The new US$800m Revolving Credit Facility (RCF) will mature in April 2027 with the option to extend for up to a further two years. The margin on the new facility is significantly lower than the previous facility that was agreed during the early stages of the Covid-19 pandemic and reflects positive credit rating momentum over the last two years as Weir has continued to reduce leverage and show its resilience as a mining technology focused business . This new facility replaces the existing US$950m RCF that was due to mature in June 2023. All key terms including covenants remain unchanged. 

Enquiries:
Investors: Edward Pears Media: Citigate Dewe Rogerson: Kevin Smith	[phone] [phone] [e-mail]

About The Weir Group PLC

Founded in 1871, The Weir Group PLC is one of the world's leading engineering businesses with a purpose to make its mining and infrastructure customers' operations more sustainable and efficient. Weir's highly engineered technology enables critical resources to be produced using less energy, water and waste while reducing customers' total cost of ownership. The Group is ideally positioned to benefit from structural trends that support long-term demand for its technology including the need for more essential metals to support economic development and carbon transition. The Group has c.11,000 employees operating in over 60 countries with a presence in every major mining region of the world. Find out more at www.global.weir.

Weir's ordinary shares trade on the London Stock Exchange (ticker: WEIR LN) and its American Depositary Receipts trade over-the-counter in the USA (ticker: WEGRY).  

 

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