Agreed Revolving Credit Facility

Fisher (James) & Sons plc

26 April 2023

 

This announcement contains inside information

26 April 2023

James Fisher and Sons plc

Agreed Revolving Credit Facility; Q1 ahead of prior year and in line with expectations

James Fisher and Sons plc (FSJ.L) ("James Fisher", the "Group"), the leading provider of marine services, announces that it has reached agreement on the terms of a new £210m secured revolving credit facility ("RCF"), which will be provided by its six existing lenders and which matures in March 2025.

The RCF will replace the Group's existing four facilities, which total £247.5m and of which £47.5m was due to mature in October 2023. The Group's successful programme of non-core disposals has resulted in continued deleveraging and the new RCF will provide the Group with continued financial flexibility to continue to execute its strategy. The Board is grateful for the expeditious support of its lenders and looks forward to concluding the long-form documentation of the RCF with a longstop date of 7 June 2023 (expected by mid-May and satisfaction of conditions shortly thereafter). The existing waiver in respect of the current £247.5m of borrowing facilities, which was granted following the JFN transaction, has been extended in line with the new RCF process to ensure continued access to funding.

The key terms of the new RCF are:

-     a single, secured, multicurrency RCF facility of £210m with a maturity date of 31 March 2025

-     scheduled amortisation requirements in line with the Group's deleveraging plans

-     variable margin determined by the level of net leverage from time to time

-     appropriate financial covenants, measured on a quarterly basis

The Group's FY22 results announcement is scheduled for 28 April 2023. The results for FY22 are in line with previous guidance provided on 24 March 2023 and the Group's trading performance in the first quarter of FY23 is ahead of prior year and in line with the Board's expectations.

Jean Vernet, Chief Executive Officer, commented:

"We are pleased to have reached this important agreement with our lenders and appreciate their ongoing support. We look forward to completing the final steps of the refinancing over the coming weeks. The Group has traded well in the first quarter of 2023 and we remain focused on delivering further financial and operational improvement."

For further information:

James Fisher and Sons plc	Jean Vernet Duncan Kennedy	Chief Executive Officer Chief Financial Officer	020 7614 9503
FTI Consulting	Richard Mountain Susanne Yule		0203 727 1340

The person responsible for making this announcement on behalf of the Company is Jean-François Bauer, Group General Counsel.

LEI: 213800J975E5OYR6S216

 

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