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Pin to quick picksHarland & Wolff Share News (HARL)

Share Price Information for Harland & Wolff (HARL)

London Stock Exchange
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Share Price: 11.75
Bid: 11.50
Ask: 12.00
Change: 0.00 (0.00%)
Spread: 0.50 (4.348%)
Open: 11.25
High: 11.75
Low: 11.60
Prev. Close: 11.75
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Harland & Wolff gets approval for UKEF GBP200 million credit facility

Fri, 29th Dec 2023 10:14

(Alliance News) - Harland & Wolff Group Holdings PLC on Friday said it had received ministerial approval for a new credit facility with UK Export Finance.

Shares in Harland & Wolff were up 14% at 13.16 pence each in London on Friday morning.

The London-based fabrication company, which serves the maritime and offshore industries, will now advance negotiations in relation to a GBP200 million credit facility with the UK government's export credit agency under its Export Development Guarantee Scheme.

In order to guarantee compliance with relevant lending rules, UKEF will appoint an independent third party to ascertain an appropriate premium over the sterling overnight indexed average, expected to commence in January 2024.

Harland & Wolff will appoint a lead arranger, firm up the bank syndicate and commence the requisite documentation relating to the credit and security package that will be offered. The latter will require providing banks with a first charge on "substantially all" Harland and Wolff assets.

The company said that the transaction will be subject to approval by ministers, as well as investment committee approval of the banks, but confirmed that it has sufficient funds to meet its working capital requirements until the new facility is completed.

By Hugh Cameron, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved.

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