P&O completes ú850 million debt refinancing
London-based ports and ferries group Peninsular and Oriental Steam Navigation Co. said today it has completed an '850 million ($1.55 billion) refinancing of its corporate debt facilities.
The five-year term facility has been arranged as a multicurrency, revolving credit facility denominated in separate sterling and U.S. dollar tranches. P&O said proceeds of the new facility will be used to refinance it’s current bilateral facilities, taking advantage of favorable market conditions to improve overall pricing and consolidating existing facilities into a single syndicated structure.
'The new financing extends the maturity of our debt facilities and provides us with increased flexibility to continue to invest in the expansion of our fast growing international ports business,' said Nick Luff, P&O’s chief financial officer.