- Engineering company Wood Group said it had extended its revolving credit facility to 2023 and would reduce its size to $1.5 billion.

The step down from $1.75 billion would occur in May 2022 and recognized the company's lower debt requirements 'against a backdrop of considerable financial headroom and liquidity', Wood said.

It added that the extension was secured at 'competitive' market rates, reflecting strong support from relationship banks.

Covenants remain unchanged at 3.5 times earnings before interest, tax, depreciation and amortisation on a pre-IFRS 16 basis.

Story provided by