Balfour Beatty signs £850 million credit facility
29 November 2011
Balfour Beatty plc confirms that it has put in place a five-year £850 million syndicated revolving credit facility from a number of leading international financial institutions.
The Royal Bank of Scotland plc acted as Bookrunner on the transaction. The mandated lead arrangers are the Royal Bank of Scotland plc, HSBC Bank plc, 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 £700 million and closing at £850 million, our agreed facility is indicative of the strength of the Balfour Beatty business and the confidence our lenders have in us.”
Balfour Beatty plc
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Notes to Editors:
1. Balfour Beatty (www.balfourbeatty.com) is a world-class infrastructure group with capabilities in professional services, construction services, support services and infrastructure investments.
We work in partnership with our customers principally in the UK, continental Europe, the US, South-East Asia, Australia and the Middle East, who value the highest levels of quality, safety and technical expertise.
Key infrastructure markets include transportation (roads, rail and airports); social infrastructure (education, specialist healthcare, and various types of accommodation); utilities (water, gas and power transmission and generation) and commercial (offices, leisure and retail).
The Group delivers services essential to the development, creation and care of these infrastructure assets including project design, financing and management, engineering and construction, and facilities management services.
Balfour Beatty employs 50,000 people around the world.