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Costain Group PLC on Monday said it agreed a one-year extension to its bank debt and bonding facilities to September 2024, backed by a group of five banks and five sureties.
The construction and engineering company based in Maidenhead, Berkshire, said the new agreement comprises an undrawn £125 million revolving credit facility, which was previously £131 million.
This is alongside surety and bank bonding facilities totalling £280 million, down from £310 million.
Costain added it has entered into negotiations with its banks to transition the £125 million RCF to a sustainability-linked debt facility, while it has also prepaid the full £36 million balance of its term loan facility from its cash resources.
Lloyds Bank acted as the coordinator for the banking group.
Shares in Costain were down by 0.2% to 36.28 pence in London on Monday afternoon.
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