28 March 2019 – new revolving credit facility

The UK’s leading integrated waste management company has announced a new unsecured £350m Revolving Credit Facility with a consortium of banks.  This is a five-year facility, expiring in March 2024, with an option to extend for up to a further two years to March 2026.  Existing facilities were due to expire in July 2021 and the replacement will lead to a lower average cost of debt, an increased maturity profile and improved covenants. The refinancing will result in margin savings of around £2.5m per annum.  Unamortised arrangement fees of £3.8m relating to the existing facilities will be written off within non-underlying exceptional charges in results for the full year.  BUY.