AMEC Raises New 380 Million Debt Facility

AMEC has completed the signing of a new debt facility totaling 380 million.

The new facility, structured as a five year revolving credit, will refinance AMEC's existing 180 million revolving credit facility and certain other bi-lateral facilities. AMEC's original target for the new facility was 300 million, however demand amongst the group of relationship banks targeted by AMEC, was strong enough to allow AMEC to close syndication with an over subscription of 80 million. Commenting on the refinancing, Stuart Siddall, Finance Director, said:

"We are delighted at the strong support received from our key relationship banks in this highly successful debt raising. The new facility will comprise an important element of our medium-term financing as AMEC continues its strategy of growth focused on higher margin services and project delivery activity. It is particularly pleasing to note the international nature of the banking group providing the facility, which reflects the broad geographic spread of AMEC's activities."

Mandated Lead Arrangers were Barclays Capital, BayernLB, BNP Paribas, HSBC and The Royal Bank of Scotland. AMEC was supported at the Arranger level by Calyon, Societe Generale and Sumitomo Mitsui Banking Corp and at the Manager level by Commerzbank AG, Natexis Banques Populaires, UFJ Bank and CIC Credit Mutuel. The Bookrunners were Barclays Capital and BNP Paribas and the Facility and Documentation Agent is The Royal Bank of Scotland.

Linklaters advised AMEC on legal matters whilst the banks were advised by Allen & Overy.

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