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Kier Group PLC - Manchester, England-based infrastructure services, construction and property - Says offer of GBP250.0 million in five-year senior notes is successful. Following pricing, the notes carry a 9.0% coupon. The funds will be used to repay debt facilities and private placement notes. Kier also revises and extends its revolving credit facility, whose commitment size is reduced to GBP261 million from GBP495 million. This will be reduced again to GBP150 million in January 2025, and the RCF will mature in March 2027. Last month, Kier said it had a "modest" net cash position as of the end of 2023, improved from GBP131 million in debt a year before.
Current stock price: 126.60 pence
12-month change: up 68%
By Tom Waite, Alliance News editor
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