National Express announces £410 million Revolving Credit Facility
National Express announces that it has renewed its Revolving Credit Facility, replacing the previous £500 million facility, which had been due to mature in 2014, with a £410 million facility, maturing in 2018.
The Group reduced the size of the facility, which is primarily used for seasonal funding requirements, in light of its reduced debt forecast. Following strong demand from its banking group, the margin on the new Revolving Credit Facility was reduced to 1.1% over LIBOR (the previous facility was priced at a margin of 1.75%).
National Express is targeting a reduction in debt to two times EBITDA by the end of 2014.