Balfour Beatty secures funding package

Balfour Beatty, active on construction and civil engineering projects across the North West, has reported a five-year £850m credit facility with a group of banks.

In the lending club are Royal Bank of Scotland, HSBC, Bank of America Merrill Lynch, Credit Agricole SA and Royal Bank of Canada, with Bank of America Merrill Lynch acting as facility agent and RBS as bookrunner.

The syndicated facility replaces a number of separate agreements which were due to expire in the next 12 to 15 months. The lending will be used for general corporate purposes.

Duncan Magrath, chief financial officer, said: "We are pleased to have secured this long-term and competitively-priced funding at a challenging time in the financial markets. After launching at £700m and closing at £850m, our agreed facility is indicative of the strength of the Balfour Beatty business and the confidence our lenders have in us."

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