NEW £600 MILLION REVOLVING CREDIT FACILITY
Associated British Ports Holdings PLC, the UK’s largest ports operator, signed a new £600 million Revolving Credit Facility on 22 November 2004. In addition to providing the group with improved pricing and increased financial flexibility, the new facility will underpin its £400 million investment programme, planned for the next 10 years, together with its share repurchase programme.
The group’s strong credit quality, coupled with a supportive banking group, meant that its initial funding requirement target was significantly oversubscribed.Consequently, the group has been able to secure a significant increase in its bank facility from a reduced number of banks.
The new facility, which matures in February 2010, refinances the group’s existing £340 million Revolving Credit Facility, which was due to mature in February 2006, and will be utilised for general corporate purposes.
The new facility was arranged by Barclays Capital, Lloyds TSB Bank plc, Mizuho Corporate Bank, National Australia Bank and The Royal Bank of Scotland with Barclays Capital and The Royal Bank of Scotland as bookrunners and Lloyds TSB Bank as the agent.In addition to the arrangers, the other banks providing this facility are: Sumitomo Mitsui Banking Corporation Europe Limited, Svenska Handelsbanken AB and The Governor and Company of the Bank of Ireland. |
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