Service powerhouse Amec Foster Wheeler today confirmed it had completed a financing revamp.
The firm refinanced its main debt facilities by entering into a new facility with a syndicate of 20 banks.
The new set-up includes three tranches – a three-year £650million term loan, a five-year £650million term loan and a five-year £400million revolving credit facility.
Ian McHoul, chief financial officer and interim chief executive office, said: “I am pleased that we have completed this refinancing in line with the schedule we set in November last year. This gives us substantial headroom and marks another important step towards further strengthening our balance sheet.”
The trio replace the firm’s existing revolving credit facility and the Foster Wheeler acquisition facility. No capital repayments are required to be made until 2019, according to the firm.
A company spokesperson added: “The syndication process was oversubscribed and banks were therefore duly scaled back.
“The pricing of the facility is in line with previous guidance, and up-front fees were in line for a facility of this type.”
Amec will release its year end results on Thursday, March 10.