REG - Fisher (James) - Signing of £95m of committed bank facilities

James Fisher And SonsAnnouncement

19/09/2024 07:00

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RNS Number : 7718E  Fisher (James) & Sons plc  19 September 2024

Fisher (James) & Sons plc

This announcement contains inside information

 

19(th) September 2024

 

James Fisher signs £95m of committed bank facilities

James Fisher and Sons plc (FSJ.L) ("James Fisher" or the "Company" and,
together with its subsidiaries, the "Group"), is pleased to announce that it
has secured new bank facilities of £95m, comprising a £75m Revolving Credit
Facility ("RCF") and a £20m term loan for three and five years respectively.
The RCF also contains two, one-year extension options, subject to lender
approval.

Since the start of 2024, James Fisher has significantly reduced its debt
through the sale of non-core businesses and improved cash management, allowing
the Company to right-size its bank facilities on terms which position the
Group for future growth.

The new bank facilities, which reflect the Group's significantly lower
leverage, have been secured from a syndicate of four major international
banks, being three existing, and one new lender.

The new bank facilities provide increased flexibility to operate the business,
while significantly reducing overall maintenance costs when compared to the
previous arrangements. Refinancing in advance of the maturity date of the
existing RCF will result in a consequential reduction in deferred facility
fees payable to existing lenders.

The Group has also secured additional bank guarantee lines to support business
operations.

 

Jean Vernet, Chief Executive Officer of James Fisher, said:

"Our overriding priority in 2024 was to improve the Group's financial
position, by significantly deleveraging the Group towards our target range.

"Completing the refinancing provides the key foundations for growth needed to
complete the second phase of our business turnaround and unlock the Company's
full potential in the Blue Economy."

 

 Enquiries
 James Fisher and Sons plc
 Jean Vernet, Karen Hayzen-Smith  +44 20 7614 9503

 FTI Consulting                   (PR Adviser)
 Richard Mountain, Susanne Yule   +44 20 3727 1340

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) No. 596/2014, as it forms part
of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (as
amended).

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

 

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