(Alliance News) - Weir Group PLC said on Wednesday it refinanced its main banking facility.
The new USD800 million revolving credit facility will mature in April 2027, with the option to extend for up to a further two years.
The Glasgow-based engineering company explained that the margin on the new facility is significantly lower than the previous USD950 million facility which was agreed during the early stages of the Covid-19 pandemic and was due to mature in June 2023.
Weir Group said this lower margin reflected its positive credit rating momentum over the last two years.
Shares in Weir Group were down 0.7% at 1,524.00 pence on Wednesday morning in London.
By Heather Rydings; heatherrydings@alliancenews.com
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Weir Group (WEIR)