Meggitt completes five-year bank refinancing

30th Sep 2014 08:27

Meggitt has announced a new five-year $900m facility revolving credit facility.The facility, from 13 international banks, replaces existing facilities of $700m and $400m due to expire in 2016 and 2017.The engineering group, which specialises in aerospace equipment, will accelerate the amortisation of £1.7m of debt issuance costs in 2014."This timely refinancing demonstrates the ongoing support of Meggitt's relationship banks while allowing us to benefit from the prevailing favourable market conditions to extend our debt maturity on more cost effective terms," said chief financial officer Doug Webb.