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03 Jan 2019 | 07:10

Ashtead upsizes credit facility, extends maturity

Ashtead on Thursday extended the maturity of its senior credit facility to December 2023 and increased it to $4.1bn.

The pricing grid ranged from LIBOR plus 125 basis points to LIBOR plus 175 basis points, the company said.

The group's current borrowing rate is LIBOR plus 150bp, a reduction of 25 basis points under the amended facility.

The company maintained its leverage target in the range of 1.5 to 2.0 times net debt to EBITDA.

The group's amended debt facilities were committed for an average of six years at a weighted average interest cost of less than 5%.

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