Weir Group’s latest loan gets ratings nod

Gas processing plant from Adobe 26Jun20 575x375
By Mike Turner
22 Jul 2020

Weir Group, the UK engineering company, earned a favourable mention from Moody’s weeks after signing a new syndicated loan, as corporate debt markets brace themselves for a wave of downgrades.

Weir signed a $950m three year revolver and a £200m term loan due March 2022 last month.

This was a positive for its credit, according to Moody’s, because it pushed the company’s maturity profile out and cut its debt by £100m.

“Aside from short term commercial paper maturities,” the ...

Already a subscriber?

Continue reading this article

Try full access to GlobalCapital

Free trial