CIMIC Group Limited
CIMIC Group has successfully refinanced its core working capital cash facility, as part of its long-term financing strategy.
The new syndicated bank facility is for $1.9 billion, split equally across two tranches of four and five years.
It replaces an existing tranche in CIMIC’s current facility, which matures in September 2020, as well as some maturing US dollar debt.
CIMIC Group Chief Executive Officer Michael Wright said: “The successful refinancing reflects CIMIC’s credit strength, leading market position and strong partnership with our relationship banks.
“The new facility provides financial flexibility, builds on our strong liquidity position and supports our pursuit of strategic capital allocation opportunities.”
Earlier this year, Moody’s Investors Service and Standard & Poor’s confirmed CIMIC Group’s strong investment grade credit rating of Baa2 and BBB/A-2 respectively.
/Public Release.
