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(Sharecast News) - Costain Group has concluded negotiations with its bank and surety facility providers to secure a one year 'amend and extend' of its facilities, it announced on Monday, from September 2023 to September 2024.
The company said the facility is backed by a group of five banks and five sureties.
Its debt facilities under the new agreements consist of an undrawn £125m revolving credit facility, down from £131m, and surety and bank bonding facilities totalling £280m, down from £310m.
"The group has prepaid the full balance of £36m of its term loan facility from its cash resources," the board said in its statement.
It said Lloyds Bank acted as the coordinator for the banking group.
"Costain has entered into negotiations with its banks to transition the £125m revolving credit facility to a sustainability-linked debt facility," the directors added.
At 0830 GMT, shares in Costain Group were up 0.1% at 36.25p.
Reporting by Josh White for Sharecast.com.
