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Kier Group PLC - Manchester, England-based infrastructure services, construction and property - Says offer of £250.0 million in five-year senior notes is successful. Following pricing, the notes carry a 9.0% coupon. The funds will be used to repay debt facilities and private placement notes. Kier also revises and extends its revolving credit facility, whose commitment size is reduced to £261 million from £495 million. This will be reduced again to £150 million in January 2025, and the RCF will mature in March 2027. Last month, Kier said it had a ‘modest’ net cash position as of the end of 2023, improved from £131 million in debt a year before. Current stock price: 126.60 pence 12-month change: up 68% Copyright 2024 Alliance News Ltd. All Rights Reserved.
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