Babcock £775m revolving credit facility renewal (2019)
Liquidity; part of the 2019 refinancing
Key terms
- Borrower or issuer
- Babcock International
- Date
- 11 Sep 2019
- Type
- Bank facility
- Amount
- £775m (US$990m)
- Maturity
- 2024
Recorded terms
- Structure
- Renewed five-year revolving credit facility of up to £775m, alongside the €550m 2027 bond; £730m later extended to 28 August 2026
- Country
- United Kingdom
Parties
- Babcock International borrower or issuer
Similar financings
| Date | Financing | Type | Amount |
|---|---|---|---|
| 30 Sep 2019 | Raytheon US$1.25bn revolving credit facility | Bank facility | US$1.25bn |
| 30 Oct 2019 | Teledyne US$150m term loan | Bank facility | US$150m |
| 28 Jun 2019 | L3Harris US$2bn five-year revolving credit facility | Bank facility | US$2bn |
| 20 Dec 2019 | Ducommun US$140m senior secured term loan A | Bank facility | US$140m |
| 17 Jan 2020 | Leidos US$2.68bn unsecured term loan A and revolver (2020) | Bank facility | US$2.67bn |
More from Babcock International
| Date | Financing | Type | Amount |
|---|---|---|---|
| 7 Jul 2026 | Babcock International £250m 5.125% bonds due 2031 | Bond | £250m |
| May 2021 | Babcock £300m three-year revolving credit facility (2021) | Bank facility | £300m |
| 13 Sep 2019 | Babcock International €550m 1.375% notes due 2027 | Bond | €550m |
| 4 Oct 2016 | Babcock International £300m 1.875% bonds due 2026 | Bond | £300m |
Sources
- Babcock: update on refinancing (RNS) investegate.co.uk · 11 Sep 2019
- Babcock full-year results 2022 (RNS) investegate.co.uk · 28 Jul 2022
About this record
Record DEF-2019-0015, taken from an issuer, lender or government announcement. Confirmed against the primary documents listed. Amounts are as announced; US$ equivalents use approximate annual average exchange rates. Spotted an error or have a document we have missed? Send a correction, and changes are logged on Updates and corrections.
Read the structure
A revolving or term facility is a relationship loan from a bank group, priced at a margin over a reference rate, with financial covenants and an agent.
