Fisher (James) & Sons plc Agreed Revolving Credit Facility (4493X)

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RNS Number : 4493X

Fisher (James) & Sons plc

26 April 2023

This announcement contains inside information

26 April 2023

James Fisher and Sons plc

Agreed Revolving Credit Facility; Q1 ahead of prior year and in line with expectations

James Fisher and Sons plc (FSJ.L) ("James Fisher", the "Group"), the leading provider of marine services, announces that it has reached agreement on the terms of a new GBP210m secured revolving credit facility ("RCF"), which will be provided by its six existing lenders and which matures in March 2025.

The RCF will replace the Group's existing four facilities, which total GBP247.5m and of which GBP47.5m was due to mature in October 2023. The Group's successful programme of non-core disposals has resulted in continued deleveraging and the new RCF will provide the Group with continued financial flexibility to continue to execute its strategy. The Board is grateful for the expeditious support of its lenders and looks forward to concluding the long-form documentation of the RCF with a longstop date of 7 June 2023 (expected by mid-May and satisfaction of conditions shortly thereafter). The existing waiver in respect of the current GBP247.5m of borrowing facilities, which was granted following the JFN transaction, has been extended in line with the new RCF process to ensure continued access to funding.

The key terms of the new RCF are:

- a single, secured, multicurrency RCF facility of GBP210m with a maturity date of 31 March 2025

   -     scheduled amortisation requirements in line with the Group's deleveraging plans 
   -     variable margin determined by the level of net leverage from time to time 
   -     appropriate financial covenants, measured on a quarterly basis 

The Group's FY22 results announcement is scheduled for 28 April 2023. The results for FY22 are in line with previous guidance provided on 24 March 2023 and the Group's trading performance in the first quarter of FY23 is ahead of prior year and in line with the Board's expectations.

Jean Vernet, Chief Executive Officer, commented:

"We are pleased to have reached this important agreement with our lenders and appreciate their ongoing support. We look forward to completing the final steps of the refinancing over the coming weeks. The Group has traded well in the first quarter of 2023 and we remain focused on delivering further financial and operational improvement."

For further information:

 
                                         Chief Executive 
                                          Officer 
 James Fisher and    Jean Vernet          Chief Financial 
  Sons plc            Duncan Kennedy      Officer            020 7614 9503 
                     Richard Mountain 
 FTI Consulting       Susanne Yule                           0203 727 1340 
                    --------------------------------------  -------------- 
 

The person responsible for making this announcement on behalf of the Company is Jean-Fran çois Bauer, Group General Counsel.

LEI: 213800J975E5OYR6S216

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April 26, 2023 02:00 ET (06:00 GMT)