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Ferguson PLC on Thursday reported a series of financing transactions to increase its liquidity by $800 million.
The New York and London-listed plumbing and heating products supplier said it has secured a new $500 syndicated three-year bank term loan credit facility which matures in October 2025.
The company increased its existing receivables securitisation facility by $300 million and its revolving credit facility by $250 million. The securitisation facility was extended to October 2025 while the revolving credit facility matures in March 2026.
Ferguson also reduced its 364-day bilateral revolving facility, which matures in March 2023, by $250 million.
Chief Financial Officer Bill Brundage said: ‘This additional liquidity demonstrates the continued confidence in our business model and provides additional flexibility to continue to invest in our capital priorities.’
Shares in Ferguson were trading 2.4% lower at 9,428.00 pence each in London on Thursday afternoon
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