Interserve to raise £480m of equity in plan to cut debt

Writer, Stock Market Wire
Wednesday, February 6, 2019 - 13:56

Outsourcing group Interserve said it had agreed the commercial terms of a debt-reduction plan with its lenders.

The plan would see the company cut net debt to around £275m by issuing c.£480m of new equity.

Existing lenders would provide an additional £75m of new liquidity through the provision of a new debt facility with a maturity of 2022.

'Agreeing the key commercial terms of the deleveraging plan with our lenders, bonding providers and pension trustee is a significant step forward in our plans to strengthen the balance sheet,' chief executive Debbie White said.

'The board believes that this agreement will secure a strong future for Interserve.'

At 1:56pm: (LON:IRV) Interserve PLC share price was +1.04p at 14.21p

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