Ashtead extends its senior credit facility

28th Jul 2015 09:23

(ShareCast News) - Ashtead has amended and extended its senior credit facility that was due to mature in 2018.The company said it has increased the facility size to $2.6bn from $2bn.It said the refinancing provides the group with long-term stability and capacity to continue the execution of its strategy.Chief executive Geoff Drabble said: It ensures that our debt package remains well-structured and flexible. Against a backdrop of strong end markets and market share gains, we will utilise the facility to support the needs of the business with organic fleet growth."This growth combined with further greenfield openings and bolt-on acquisitions will continue to broaden the geographies and markets we serve. We continue to grow responsibly, generating strong returns and maintaining leverage within our stated objectives. I would like to thank the bank group for their support in the further growth and development of Ashtead."At 0827 BST, shares were up 1.2% at 948.50p.