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.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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.
BC
-
1.9 million owed £240 million in unclaimed energy credit – are you due a payout?Energy regulator Ofgem is urging home movers to check if they’ve got credit stuck in old accounts
-
More pensioners dragged into 60% tax trap – could you be caught?Frozen thresholds are pushing more older workers into paying income tax at levels much higher than the headline rate, new figures show. We look at why and how you can avoid being caught in the 60% tax trap.
