FirstGroup Agrees GBP150 Million Loan to Purchase Electric Bus Bodies
17 Gennaio 2024 - 9:54AM
Dow Jones News
By Anthony O. Goriainoff
FirstGroup said it has agreed a new financing facility for 150
million pounds ($189.6 million) for the acquisition of up to 1,000
electric bus bodies.
The FTSE 250-listed train and bus operator said the
facility--which has been agreed with a three-bank
syndicate--follows from the strategic joint venture with Hitachi to
decarbonize its bus fleet, which will see the purchase of 1,000
electric-bus batteries.
The company said the total number of bus bodies--which include
the chassis and drivetrain but not the battery--to be financed will
depend on a number of factors, including forward curve pricing.
FirstGroup also said it has continued buying its 2024 6.875%
bonds and that this has resulted in a reduction in future net
interest cost, adding that it has completed purchases totaling
GBP44 million since the end of its fiscal first-half and that as of
Jan. 17 GBP128.1 million of the 2024 bonds remained
outstanding.
"We continue to work hard to secure and optimize available
funding to deliver on our First Bus decarbonization commitment,
build out adjacent electrification opportunities and create
sustainable value for all our stakeholders," Chief Executive Graham
Sutherland said.
Shares at 0818 GMT were down 0.80 pence, or 0.5%, at 170.10
pence.
Write to Anthony O. Goriainoff at
anthony.orunagoriainoff@dowjones.com
(END) Dow Jones Newswires
January 17, 2024 03:39 ET (08:39 GMT)
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