| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers R > Headlines for Renewi plc > News item |
Renewi renews 400 million revolver for five years
By Marisa Wong
Los Angeles, Aug. 4 Renewi plc announced it renewed its 400 million revolving credit facility.
The facility size is unchanged at 400 million and has an initial five-year term to 2028 with two one-year extension options, according to a news release.
The revolver maintains around 300 million of available headroom.
Each of the nine existing and new lenders offered increased commitments.
There is a 150 million accordion option to increase the facility, subject to lender approval at the time.
Financial covenants remain unchanged and are tested twice a year: 3.50x for the leverage ratio of net debt to EBITDA; and 3.00x for the interest cover ratio of net interest to EBITA.
The margin is adjusted based on the prevailing leverage ratio at slightly improved levels.
Renewi said it continues to be entirely green financed. Pricing is linked to positive outcomes against the companys three key themes:
Enable the circular economy by improving the recycling rate towards its Mission 75 objective;
Reduce carbon emissions, namely reducing scope 1 & 2 carbon emissions consistent with SBTi; and
Care for people by further reducing the lost time injuries rate.
In addition to revolver, the group has 305 million of fixed-rate bonds, EUPPs and a facility with EIB.
The company said its board remains committed to its long-term leverage target of 2.0x.
Renewi is a U.K.-based waste-to-product company.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.