Wood Group (John) PLC Agreement of UKEF loan linked to energy transition (0838J)
August 19 2021 - 4:00AM
UK Regulatory
TIDMWG.
RNS Number : 0838J
Wood Group (John) PLC
19 August 2021
19(th) August 2021
John Wood Group PLC ('Wood' or 'the Company')
LEI: 549300PLYY6I10B6S323
Wood secures UK government-backed loan linked to energy
transition
Wood, the global consulting and engineering company, today
announces it has agreed a $600m (GBP430m) loan with UK Export
Finance, the export credit agency of the UK government, that will
enable the company to capitalise on opportunities emerging as the
energy transition gathers further pace.
Wood is the first company to access the Transition Export
Development Guarantee (TEDG), a new facility set up to support UK
exporting companies with working capital to invest in low-carbon
growth markets including renewables, hydrogen and
decarbonisation.
The TEDG is a five-year term loan, effective from July 2021,
from a group of six of Wood's relationship banks (ABN Amro Bank
plc, BNP Paribas, Citi, HSBC UK Bank plc, Lloyds Bank plc and The
Royal Bank of Scotland plc) that is 80% guaranteed by UKEF. The
facility is competitively priced and extends the maturity of Wood's
facilities to allow long term investment in the growth of its
business.
The facility includes KPIs linked to growing export revenue
related to energy transition and sustainable infrastructure,
reductions in scope 1 and 2 carbon emissions and financial
covenants in line with Wood's existing facilities.
David Kemp, Chief Financial Officer, Wood said: "The UK
government's decision to select Wood as a debut issuer for this new
facility is a strong endorsement of our energy transition strategy.
The loan will provide a source of working capital to invest in
unlocking the many low-carbon growth opportunities we can see
across our business."
Separately, in July 2021, Wood repaid bilateral term loans of
$300m with a maturity date of May 2022.
- Ends -
About Wood:
Wood is a global leader in engineering and consultancy across
energy and the built environment, helping to unlock solutions to
some of the world's most critical challenges. We provide
consulting, projects, and operations solutions in more than 60
countries, employing around 40,000 people. www.woodplc.com
For further information contact: press.office@woodplc.com
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