13 Aug 2015 08:37
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Don't have an account? Click here to register.Interserve and lenders agree terms for debt-for-equity swap
Fri, 21st Dec 2018 07:43
(Sharecast News) - Interserve has negotiated the main terms of a debt-for-equity swap with its lenders, with a portion of new shares offered to existing and new investors through a public offering.The construction and services company, which has warned that the issue of new shares will result in "material dilution" for existing shareholders, confirmed that the arrangement will allow it to target net debt below 1.5 times adjusted operating profits by the end of the 2019 financial year.Interserve, which has also agreed to defer a debt payment due in early February until the end of April, said it was mulling spinning off its RMD Kwikform unit into a new separate entity controlled by creditors.As for the main deleveraging plan, management said that the "key commercial principles" have now been "conditionally agreed" with all its lenders.Approval will be needed from Interserve shareholders, lenders, bonding providers and the pension trustee once final terms are announced in early 2019.Chief executive Debbie White said the debt-for-equity swap "will provide us with a strong balance sheet and enable us to move forward with confidence and the ability to improve our business and deliver our long term strategy".
More News
12 Aug 2015 16:12
FTSE 250 movers: Gold miners lifted as mid-caps trip on China's currency fiddling
(ShareCast News) - The FTSE 250 tumbled in early trading and by the close of the session was down 1.3% at 17,438.09 points. There were a few stocks in positive territory, however, with a three-week haven-inspired high in gold prices helping gold-miners Centamin and Acacia Mining top the second-line
Read more12 Aug 2015 08:21
UPDATE 1-Interserve warns that higher wage bill could stall growth
(Adds CEO comment, analyst, share price) LONDON, Aug 12 (Reuters) - British support services and construction company Interserve expects a rise in Britain's minimum wage to hit profit next year, it said on Wednesday, sending its shares down 4 percent on the potential for growth to stall fo
Read more12 Aug 2015 08:05
BUZZ-Interserve: Minimum wage impact hurts stock
** Support services and construction firm Interserve falls 5.8 pct, among top losers on FTSE midcap index ** Higher minimum wage would hurt margins by about 10-15 mln stg in 2016, co said ** Co also posted a 12 percent rise in H1 profit ** Worst day for stock in 8 mths, at leve
Read more12 Aug 2015 07:33
Interserve interim profits jump but minimum wage will hit margins
(ShareCast News) - Support services and construction group Interserve posted a 19% rise in first-half pre-tax profit and said it remained confident of further growth for the remainder of this year, albeit with the higher minimum wage likely to hit margins. Pre-tax profit for the six months ended 30
Read more12 Aug 2015 06:19
Interserve confident of growth after H1 profit rises 12 pct
LONDON, Aug 12 (Reuters) - British support services and construction firm Interserve posted a 12 percent rise in half-year profit and said it was confident of future growth as demand in its main markets continued to strengthen. The company identified the recently announced higher minimum wa
Read more12 Aug 2015 05:12
11 Aug 2015 15:14