For more than 125 years, Wood has delivered comprehensive services throughout North America to support our customers across the complete asset life cycle.
Read moreWe are known in Europe for our unrivalled asset familiarity and performance-driven solutions throughout the asset life cycle, from development to decommissioning.
Read moreBacked by an 85+ year history of operating within the Asia Pacific region, Wood is proud of its longstanding partnerships, underpinned by our proven ability to optimise asset performance, drive capital efficiency and deliver for our customers.
Read moreWood has been present in the Caspian region for over 20 years. We combine our strong knowledge of the area, global expertise across the entire asset life cycle and experience required to operate successfully in the harsh and complex environment of the world’s largest land-locked body of water.
Read moreThe Middle East is a key growth area for Wood. We have maintained a presence in the region for over 7 decades; helping design, build, operate, maintain, and modify some of the world’s largest and complex facilities.
Read moreWood is strategically located throughout Latin America and the Caribbean in a variety of sectors including oil and gas, refining, chemicals, water, mining, energy, industrial plants and facilities and communications.
Read moreOur footprint in Africa continues to expand. For over 30 years we have been investing selectively to improve local services and support communities.
Read moreHome > Investors > Financial and regulatory news > Wood extends principal bank debt facility to May 2023
Wood today announces the extension of its revolving credit facility to May 2023. Recognising the Company’s lower debt requirement against a backdrop of considerable financial headroom and liquidity, the current $1.75bn facility will step down to $1.5bn in May 2022 and remain at that level until maturity in May 2023.
The extension has been secured at competitive market rates, reflecting the strong support of our relationship banks. Covenants remain unchanged at 3.5x pre-IFRS 16 EBITDA.
Wood has considerable levels of financial headroom and liquidity. At 30 June 2020, net debt was $1.22bn and the ratio of net debt excluding leases to adjusted EBITDA was 1.96x. Undrawn facilities were $1.627bn compared to total financing facilities of over $3bn, including US private placement debt of c$880m with maturity dates weighted towards 2031.
Commenting on the extension, David Kemp, Chief Financial Officer 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.”