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2,508.00 64.00 (2.62%)

Bid:

2,498.00

Ask:

2,502.00

Spread: 4.00 (0.16%)

Market Cap: £6.51b

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Weir Group refinances main banking facility

Wed, 13th Apr 2022 08:31

(Sharecast News) - Engineering firm Weir Group has completed the refinancing of its main banking facility, with a syndicate of 11 global banks.

Weir said on Wednesday that its new $800.0m revolving credit facility will mature in April 2027 and comes with an option to extend for up to a further two years.

The FTSE 250-listed firm stated the margin on the new facility was "significantly lower" than the previous facility that was agreed upon during the early stages of the Covid-19 pandemic and reflected positive credit rating momentum over the last two years as it continued to reduce leverage and "show its resilience" as a mining technology-focused business.

Although the new facility replaced the existing $950.0m RCF that was due to mature in June 2023, all key terms, including covenants, remained unchanged.

As of 0830 BST, Weir shares were down 0.65% at 1,525.0p.