28.07.2015

Ashtead upgrades credit facility

Ashtead has amended and extended its $2 billion senior credit facility, due to mature in 2018. The facility is now up $2.6 billion, maturing in July 2020.

The interest rate has also been reduced from 1.75 percent over Libor to 1.25 percent.

Chief executive Geoff Drabble said: "We are delighted to have completed this refinancing which provides us with long term stability and capacity to continue the execution of our well established strategy. It ensures that our debt package remains well structured and flexible. Against a backdrop of strong end markets and market share gains, we will utilise the facility to support the needs of the business with organic fleet growth”.

“This growth combined with further greenfield openings and bolt-on acquisitions will continue to broaden the geographies and markets we serve. We continue to grow responsibly, generating strong returns and maintaining leverage within our stated objectives. I would like to thank the bank group for their support in the further growth and development of Ashtead."