FirstGroup gets bridge loan as bond maturity looms, eyes CP facility

By Mike Turner
23 Mar 2020

The UK's FirstGroup, a transport company, has signed a £250m bridge loan to cover an April 2021 bond maturity, as more banks say they are getting requests from clients for fresh funding lines alongside existing facilities.

FirstGroup, rated BBB-, signed the bridge financing last week to repay a £350m 8.75% bond due next April. 

"We're seeing more investment grade companies asking for financing solutions outside of their main revolvers," said a loans banker in London away from the FirstGroup financing. "Bridges, clubs, bilateral lines."

Rival loans ...

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