James Fisher and Sons plc, the Barrow-in-Furness international marine engineering company, announced on April 26 it has reached agreement on the terms of a new £210 million secured revolving credit facility (RCF), which will be provided by its six existing lenders and which matures in March 2025.

“The RCF will replace the group’s existing four facilities, which total £247.5m and of which £47.5m was due to mature in October 2023,” said James Fisher

“The group’s successful programme of non-core disposals has resulted in continued deleveraging and the new RCF will provide the group with continued financial flexibility to continue to execute its strategy.

“The board is grateful for the expeditious support of its lenders and looks forward to concluding the long-form documentation of the RCF with a longstop date of 7 June 2023 (expected by mid-May and satisfaction of conditions shortly thereafter).

“The existing waiver in respect of the current £247.5m of borrowing facilities, which was granted following the JFN transaction, has been extended in line with the new RCF process to ensure continued access to funding.”

The company’s FY22 results announcement is scheduled for April 28, 2023.

“The results for FY22 are in line with previous guidance provided on 24 March 2023 and the group’s trading performance in the first quarter of FY23 is ahead of prior year and in line with the board’s expectations,” said the company.

James Fisher CEO Jean Vernet said: “We are pleased to have reached this important agreement with our lenders and appreciate their ongoing support.

“We look forward to completing the final steps of the refinancing over the coming weeks.

“The group has traded well in the first quarter of 2023 and we remain focused on delivering further financial and operational improvement.”