Balfour Beatty, the FTSE 250 infrastructure firm, has signed a five-year £850m syndicated revolving credit facility, refinancing a number of bi-lateral agreements which were due to expire in the next 12-15 months.
"[The facility] ensures Balfour Beatty has secured access to committed funding for the next five years and will be used for general corporate purposes," the statement said.
"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," said chief financial officer Duncan Magrath.
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Shares were making strong gains on Tuesday, finishing the day 5.13% higher at 241.7p, helped by the news that it had won a programme management consultancy contract on a £5bn roads and drainage scheme in Qatar. The contract is worth £104m to Balfour Beatty and has been awarded to its subsidiary, Parson Brinckerhoff.
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