REG - Fisher (James) - Agreed Revolving Credit Facility

James Fisher And SonsAnnouncement

26/04/2023 07:00

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RNS Number : 4493X  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       Chief Executive Officer   020 7614 9503

                            Duncan Kennedy    Chief Financial Officer
 FTI Consulting             Richard Mountain                            0203 727 1340

                            Susanne Yule

 

 

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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