PERTH-based electricity and gas company SSE has arranged an increased credit facility of £1.3 billion with its existing consortium of 10 banks – a refinancing exercise which takes account of its planned growth between now and 2018.
The FTSE-100 company's new revolving credit facility, announced to the stock market yesterday, was entered into on July 16 and becomes effective immediately.
It replaces a £900 million facility with the same group of banks, which includes Royal Bank of Scotland and Lloyds Banking Group.
SSE's long-serving finance director, Gregor Alexander, said: "I am pleased we have been able to successfully re-finance, and indeed upsize, our key corporate liquidity facility to a level appropriate to support the growth of SSE over the next five years, and particularly pleased to have the continued support from our existing strong banking group."
The £1.3bn facility will run until July 2018. The £900m facility had been due to mature in August 2015.
Shares in SSE rose by 11p to 1632p yesterday, giving the company a stock market worth of about £15.7bn.
A spokesman for SSE said of the increased credit facility: "The increase is just natural progression."
Alistair Phillips-Davies became chief executive of SSE on July 1, succeeding Ian Marchant.
Mr Phillips-Davies was appointed to the board of SSE as energy supply director in 2002, and was appointed deputy chief executive in 2012.
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