Wood Group signs new $1.2bn, 5-year sustainable bank facility

Engineer Wood Group said on Thursday that it has signed a new $1.2bn, five-year committed sustainable revolving credit facility with 16 relationship banks.

The RCF extends the maturity profile of the company’s debt facilities by replacing the existing $1.75bn facility that was due to step down to $1.5bn in May 2022 and remain at that level until maturity in May 2023.

Wood said the financial covenants and lending margin on the new facility are the same as the existing facility.

Chief financial officer David Kemp said: "This new facility reflects the continued strength of support from our relationship banks and their confidence in Wood and our strategy.

"The group now has a balanced portfolio that maintains Wood's strong liquidity and financial headroom in line with our conservative approach to debt financing arrangements."