Energy service giant Wood, of Aberdeen, has extended its revolving credit facility to May 2023.
In addition, the £1.35 billion facility will step down to £1.15bn in May 2022 and remain at that level until maturity.
Wood said it had “considerable financial headroom and liquidity”, which reduced its debt requirement.
Net debt totalled £940 million at the end of June and the ratio of net debt excluding leases to adjusted Ebitda was 1.96x.
Undrawn facilities were £1.25bn compared to total financing facilities of more than £2.3bn, including US private placement debt of £680m with maturity dates weighted towards 2031.
Chief financial officer David Kemp said: “This extension of our principal debt facility to May 2023 demonstrates the continued strength of support from our relationship banking partners and maintains Wood’s strong liquidity and financial headroom in line with our conservative approach to debt financing arrangements.”
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