James Fisher agrees to new £210m revolving credit facility

26th Apr 2023 09:00

(Sharecast News) - Marine engineering services group James Fisher has agreed to a new £210.0m secured revolving credit facility with its six existing lenders.

James Fisher said on Wednesday that the RCF, which will mature in March 2025, replaces its existing four facilities, which total £247.5m and of which £47.5m was due to mature in October.

The AIM-listed group said its "successful programme of non-core disposals" had resulted in continued deleveraging, with the new RCF set to provide it with "continued financial flexibility" to continue to execute its strategy.

"The board is grateful for the expeditious support of its lenders and looks forward to concluding the long-form documentation of the RCF with a longstop date of 7 June 2023 (expected by mid-May and satisfaction of conditions shortly thereafter)," said James Fisher.

"The existing waiver in respect of the current £247.5m of borrowing facilities, which was granted following the JFN transaction, has been extended in line with the new RCF process to ensure continued access to funding."

As of 0900 BST, James Fisher shares were up 4.26% at 293.50.

Reporting by Iain Gilbert at Sharecast.com