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(Alliance News) - Costain Group PLC on Monday said it agreed a one-year extension to its bank debt and bonding facilities to September 2024, backed by a group of five banks and five sureties.
The construction and engineering company based in Maidenhead, Berkshire, said the new agreement comprises an undrawn GBP125 million revolving credit facility, which was previously GBP131 million.
This is alongside surety and bank bonding facilities totalling GBP280 million, down from GBP310 million.
Costain added it has entered into negotiations with its banks to transition the GBP125 million RCF to a sustainability-linked debt facility, while it has also prepaid the full GBP36 million balance of its term loan facility from its cash resources.
Lloyds Bank acted as the coordinator for the banking group.
Shares in Costain were down by 0.2% to 36.28 pence in London on Monday afternoon.
By Greg Rosenvinge; gregrosenvinge@alliancenews.com
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