Ashtead extends maturity of senior credit facility

Ashtead said it had extended the maturity of its senior credit facility to December 2023 and increased it to $4.1bn.

Depending on availability under the facility and leverage, the pricing grid ranges from LIBOR plus 125 – 175 basis points - a 25 basis point cut.

Ashtead said the the amended facility ensured its debt package remained "well-structured and flexible, enabling us to take advantage of prevailing market conditions whilst maintaining leverage in our target range of 1.5 to 2.0 times net debt to EBITDA".

The group's amended debt facilities are committed for an average of six years at a weighted average interest cost of less than 5%.

Chief executive Geoff Drabble said: "We are delighted with the support we have received from our bank group. It is a testament to the performance and strength of the group."

"This amended facility enhances the flexibility of our debt package and strengthens further the balance sheet which supports our long-term strategy of responsible growth through a combination of organic investment and bolt-on acquisitions."