British outsourcer Interserve signs new funding deal
Reuters
Published Apr 27, 2018 14:15
British outsourcer Interserve signs new funding deal
(Reuters) - British construction and services company Interserve (L:IRV) said on Friday it signed refinancing deal with its lenders in a move to strengthen its cash balance.
Interserve, which warned in October that it may breach covenants, said new facilities will provide cash facilities 196.6 million pounds and bonding facilities of up to 94.5 million pounds, maturing Sept. 2021.
The outsourcer said it will issue warrants to the providers of the cash and bonding facilities with the right to subscribe for new shares at 10 pence per share.
There has been increased focus on outsourcing firms such as Interserve since rival Carillion (L:CLLN) entered liquidation in January, putting 43,000 jobs at risk.
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Written By: Reuters
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