Engineering group Meggitt completes refinance
Engineering giant Meggitt, which has operations in Bedfordshire, has completed a refinance of its banking facilities.
The group now has a new five-year, 0m (£555.3m) revolving credit facility from 13 international banks.
The new capital replaces it existing facilities of 0m and 0m, which were due to expire in 2016 and 2017 respectively.
Meggitt will use the additional funds to accelerate the amortisation of £1.7m of debt issuance costs this year.
Doug Webb, chief financial officer at Meggitt, said: "This timely refinancing demonstrates the ongoing support of Meggitt's relationship banks while allowing us to benefit from the prevailing favourable market conditions to extend our debt maturity on more cost effective terms."
Meggitt Control Systems has a UK base in Dunstable.