James Fisher and Sons negotiates £210 million replacement revolver

By Marisa Wong

Los Angeles, April 26 – James Fisher and Sons plc announced it reached agreement on the terms of a new £210 million secured revolving credit facility maturing on March 31, 2025, which will be provided by its six existing lenders.

The revolver will replace the group’s existing four facilities, which total £247.5 million and of which £47.5 million was set to mature in October 2023.

Pricing for the new multicurrency revolver will vary based on leverage.

There will be scheduled amortization requirements in line with the group’s deleveraging plans, and financial covenants will be measured on a quarterly basis.

Long-form documentation of the revolver is expected to be completed by mid-May, with the longstop date set for June 7.

The existing waiver for the current £247.5 million of borrowing facilities, which was granted following the company’s sale of James Fisher Nuclear, its nuclear services division, has been extended in line with the new revolver process to ensure continued access to funding, the company noted.

James Fisher and Sons is a U.K.-based marine engineering services company.

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