Balfour Beatty has put in place a five-year £850m syndicated revolving credit facility from a number of leading international financial institutions.
The mandated lead arrangers are the Royal Bank of Scotland, HSBC Bank, Bank of America Merrill Lynch, Credit Agricole SA and Royal Bank of Canada, with Bank of America Merrill Lynch acting as facility agent.
The syndicated facility refinances a number of bi-lateral agreements which were due to expire in the next 12 to 15 months. It ensures Balfour Beatty has secured access to committed funding for the next five years and will be used for general corporate purposes.
Chief financial officer, Duncan Magrath, commented: “We are pleased to have secured this long-term and competitively-priced funding at a challenging time in the financial markets. After launching at £700m and closing at £850m, our agreed facility is indicative of the strength of the Balfour Beatty business and the confidence our lenders have in us.”