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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Babcock International Group Plc | LSE:BAB | London | Ordinary Share | GB0009697037 | ORD 60P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 14.50 | 2.84% | 524.50 | 521.50 | 523.00 | 534.50 | 500.00 | 500.00 | 3,482,566 | 16:35:03 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Engineering Services | 4.44B | -35M | -0.0692 | -75.43 | 2.64B |
From May 2019 to May 2024
TIDMBAB
RNS Number : 0128M
Babcock International Group PLC
11 September 2019
11 September 2019
Babcock International Group PLC (Babcock or the Company)
Update on refinancing
Following the regulatory news release this afternoon relating to our bond issue, Babcock is providing this update to summarise the completion of our recent refinancing. This bond issue follows the renewal of the Group's 5-year Revolving Credit Facility and confirmation of our BBB credit rating.
Bond issue
The Group has issued EUR550 million (c.GBP500 million) of 8-year bonds expiring in 2027. The proceeds from these bonds have been swapped into sterling, with 50% fixed interest rate and 50% floating interest rates, which currently equates to an interest rate of around 3%.
Revolving Credit Facility
The Group has renewed its Revolving Credit Facility (RCF). This facility gives the Group access to up to GBP775 million and the facility expires in 2024.
Credit rating
Following its annual credit review, the Group's Standard & Poor's credit rating remains at BBB
Effect on financial results
The proceeds from this new bond issue will initially be used to pay down maturing loans and our RCF during this financial year (FY20). We will then pay down further USPP notes towards the end of the next financial year (FY21). The estimated impact of this is to increase finance costs by around GBP5 million in FY20 and around GBP7 million in FY21 and reduce finance costs by around GBP2 million each year in the years following.
ends
For further information please contact:
Babcock International Group PLC Simon McGough Kate Hill Director of Investor Relations Group Director of Communications Tel: +44 (0)20 3823 5592 Tel: +44 (0)20 7355 5312 FTI Consulting Andrew Lorenz Nick Hasell Tel: +44 (0)20 3727 1340
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
UPDUAUORKBAKAAR
(END) Dow Jones Newswires
September 11, 2019 10:10 ET (14:10 GMT)
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