LONDON (Alliance News) - Engineering services company Amec Foster Wheeler PLC on Wednesday said it has completed the refinancing of its main debt facilities.
The FTSE 250-listed group said the new facility, agreed with a syndicate of 20 banks, comprises three tranches overall.
This includes a three-year GBP650.0 million term loan, a five-year GBP650.0 million term loan and a GBP400.0 million revolving credit facility.
Amec said the interest cover covenant on the facility remains the same and no capital repayments will be required until 2019.
"I am pleased that we have completed this refinancing in line with the schedule we set in November last year. This gives us substantial headroom and marks another important step towards further strengthening our balance sheet," said Ian McHoul, the chief financial officer and interim chief executive of Amec Foster Wheeler.
Shares in the company were up 4.7% early Wednesday at 407.60 pence, one of the best performers in the FTSE 250.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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