Latest news with #creditfacilities
Reuters
5 hours ago
- Business
- Reuters
ASX-listed James Hardie secures $3.5 billion credit to fund AZEK deal
June 2 (Reuters) - ASX-listed James Hardie ( opens new tab said on Monday it had secured new senior credit facilities for a total of $3.5 billion with broad support, including 30 participating banks to support its operations and acquisition of U.S.-listed AZEK (AZEK.N), opens new tab. The multi-billion dollar loan facility can be broken down into a $1 billion revolving credit facility and a $2.5 billion senior secured term loan A, split into two tranches. The fibre-cement maker had offered to buy the U.S. artificial decking maker for $8.75 billion in March, while markets were concerned about a slowdown in the U.S. housing sector. With the new credit facilities, bridge facility commitments with certain lenders in connection with the pending acquisition were reduced from $4.3 billion to $1.7 billion. New housing stock in the U.S. is near a two-decade high and tariffs and an immigration crackdown under President Donald Trump are seen as likely to slow construction further. In May, the building material firm forecast tepid earnings growth for its North American business, the company's biggest market and profit engine, while reporting a drop in annual profit. Back in Australia, market scrutiny has also increased on such large corporate buyouts after investors raised questions about the AZEK deal. In a separate announcement, James Hardie terminated its American depositary shares (ADS) program, believing it will become unnecessary after the company lists its share on the New York Stock Exchange. James Hardie's ASX-listed shares jumped as much as 3.2% to A$36.57, their highest level in over a week, and were last trading up 2.9%. The stock has lost more than 8% in value since the buyout deal was announced in March.
Yahoo
5 hours ago
- Business
- Yahoo
ASX-listed James Hardie secures $3.5 billion credit to fund AZEK deal
(Reuters) -ASX-listed James Hardie said on Monday it had secured new senior credit facilities for a total of $3.5 billion with broad support, including 30 participating banks to support its operations and acquisition of U.S.-listed AZEK. The multi-billion dollar loan facility can be broken down into a $1 billion revolving credit facility and a $2.5 billion senior secured term loan A, split into two tranches. The fibre-cement maker had offered to buy the U.S. artificial decking maker for $8.75 billion in March, while markets were concerned about a slowdown in the U.S. housing sector. With the new credit facilities, bridge facility commitments with certain lenders in connection with the pending acquisition were reduced from $4.3 billion to $1.7 billion. New housing stock in the U.S. is near a two-decade high and tariffs and an immigration crackdown under President Donald Trump are seen as likely to slow construction further. In May, the building material firm forecast tepid earnings growth for its North American business, the company's biggest market and profit engine, while reporting a drop in annual profit. Back in Australia, market scrutiny has also increased on such large corporate buyouts after investors raised questions about the AZEK deal. In a separate announcement, James Hardie terminated its American depositary shares (ADS) program, believing it will become unnecessary after the company lists its share on the New York Stock Exchange. James Hardie's ASX-listed shares jumped as much as 3.2% to A$36.57, their highest level in over a week, and were last trading up 2.9%. The stock has lost more than 8% in value since the buyout deal was announced in March. Sign in to access your portfolio
Zawya
3 days ago
- Business
- Zawya
VIDEO: Saudi MSME financing surges 28% to $93bln
The value of credit facilities provided to MSMEs reached around SAR 351.7 billion ($93.7 billion) during the last quarter of 2024, rising by 28% from a year earlier. Watch the Zawya video here:
Argaam
5 days ago
- Business
- Argaam
Saudi MSMEs receive SAR 351.7B credit facilities in 2024
Credit facilities extended to micro, small, and medium enterprises (MSMEs) rose by 28% year-on-year (YoY) to SAR 351.7 billion in 2024, data from the Saudi Central Bank (SAMA) showed. Medium-sized enterprises topped the total amount of credit facilities with approximately SAR 187.2 billion, small enterprises with about SAR 122.2 billion, and micro enterprises with SAR 42.3 billion. In Saudi Arabia, medium-sized enterprises are classified as those with annual revenues between SAR 40 and SAR 200 million, or employing 50 to 249 on rolls. Small enterprises are those generating annual revenues between SAR 3 and SAR 40 million (employing between 6 and 49 people). Micro enterprises have annual revenues of less than SAR 3 million (fewer than five employees). The following table shows developments in credit facilities provided to MSMEs by banks and financing companies: Credit Facilities to MSMEs Since 2018 (SAR bln) Period Value (SAR bln) Change 2018 108.52 -- 2019 117.35 +8% 2020 182.24 +55% 2021 203.23 +12% 2022 229.03 +13% 2023 275.58 +20% 2024 351.70 +28% The financing offered by the banking sector reached SAR 333.5 billion, representing 95% of the total facilities. Meanwhile, the financing institutions offered SAR 18.2 billion, or 5% of the total. The table below indicates details of credit facilities provided to MSMEs by sector: Credit Facilities by Sector (SAR bln) Total Financing Institutions Banking Sector Period 95.68 7.83 87.84 Q1 2018 101.26 7.66 93.60 Q2 2018 106.68 7.68 99.00 Q3 2018 108.52 7.76 100.76 Q4 2018 113.17 8.15 105.02 Q1 2019 113.03 7.87 105.16 Q2 2019 115.61 8.75 106.86 Q3 2019 117.35 9.38 107.97 Q4 2019 134.84 9.68 125.16 Q1 2020 158.04 10.64 147.40 Q2 2020 175.74 10.75 164.99 Q3 2020 182.24 11.89 170.35 Q4 2020 188.43 12.97 175.46 Q1 2021 198.22 13.46 184.76 Q2 2021 200.37 14.16 186.22 Q3 2021 203.23 14.64 188.59 Q4 2021 218.68 15.27 203.41 Q1 2022 221.00 15.39 205.61 Q2 2022 228.03 15.47 212.57 Q3 2022 229.30 16.08 213.23 Q4 2022 252.23 17.28 234.95 Q1 2023 262.66 17.31 245.34 Q2 2023 268.57 16.93 251.64 Q3 2023 275.58 17.28 258.30 Q4 2023 293.43 17.70 275.73 Q1 2024 3 07.40 17.61 289.80 Q2 2024 329.23 17.46 311.77 Q3 2024 351.70 18.20 333.50 Q4 2024 Medium enterprises accounted for SAR 179.9 billion, or 54% of total banking facilities, while small enterprises held around SAR 114 billion, as shown below: Credit Facilities by Banks (SAR bln) Total Medium Small Micro Enterprise 87.84 61.62 22.01 4.22 Q1 2018 93.60 69.10 20.82 3.69 Q2 2018 99.00 73.22 21.80 3.97 Q3 2018 100.76 74.76 22.31 3.70 Q4 2018 105.02 79.17 22.98 2.87 Q1 2019 105.16 79.44 23.11 2.61 Q2 2019 106.86 80.84 22.97 3.05 Q3 2019 107.97 81.44 23.01 3.53 Q4 2019 125.16 93.92 27.47 3.78 Q1 2020 147.40 110.80 31.28 5.33 Q2 2020 164.99 121.54 37.26 6.20 Q3 2020 170.35 123.26 39.92 7.18 Q4 2020 175.46 127.45 39.67 8.34 Q1 2021 184.76 132.11 44.18 8.47 Q2 2021 186.22 129.99 45.08 11.14 Q3 2021 188.59 128.64 50.59 9.37 Q4 2021 203.41 135.54 54.04 13.83 Q1 2022 205.61 134.88 55.78 14.94 Q2 2022 212.57 136.64 61.55 14.37 Q3 2022 213.23 132.97 65.08 15.18 Q4 2022 234.95 145.09 70.25 19.62 Q1 2023 245.34 149.43 75.70 20.21 Q2 2023 251.64 152.42 77.87 21.35 Q3 2023 258.30 151.89 84.09 22.32 Q4 2023 275.73 153.74 95.19 26.80 Q1 2024 289.80 160.41 98.26 31.13 Q2 2024 311.77 174.12 104.15 33.50 Q3 2024 333.50 179.93 113.98 39.60 Q4 2024 Small enterprises received SAR 8.2 billion of the total facilities offered by financing institutions in 2024, while medium enterprises received around SAR 7.3 billion in the same period, as follows: Credit Facilities by Financing Institutions (SAR bln) Total Medium Small Micro Period 7.83 3.38 3.00 1.45 Q1 2018 7.66 3.38 2.91 1.37 Q2 2018 7.68 3.32 2.98 1.39 Q3 2018 7.76 3.34 3.21 1.21 Q4 2018 8.15 3.57 3.47 1.11 Q1 2019 7.87 3.20 3.60 1.07 Q2 2019 8.75 3.63 3.83 1.29 Q3 2019 9.38 3.88 3.81 1.69 Q4 2019 9.68 3.71 4.23 1.74 Q1 2020 10.64 3.85 4.76 2.03 Q2 2020 10.75 3.73 5.17 1.86 Q3 2020 11.89 4.19 5.18 2.51 Q4 2020 12.97 4.55 5.63 2.79 Q1 2021 13.46 4.66 6.10 2.70 Q2 2021 14.16 4.78 6.61 2.77 Q3 2021 14.64 4.93 6.77 2.94 Q4 2021 15.27 4.90 7.22 3.15 Q1 2022 15.39 4.97 7.26 3.17 Q2 2022 15.47 4.87 7.17 3.42 Q3 2022 16.08 5.34 7.54 3.20 Q4 2022 17.28 6.06 8.30 2.92 Q1 2023 17.31 6.19 8.18 2.95 Q2 2023 16.93 6.21 8.04 2.68 Q3 2023 17.28 6.52 8.19 2.58 Q4 2023 17.70 6.85 8.26 2.59 Q1 2024 1 7.61 6.90 8.14 2.57 Q2 2024 17.46 6.93 7.88 2.64 Q3 2024 1 8.20 7.28 8.20 2.72 Q4 2024
Globe and Mail
19-05-2025
- Business
- Globe and Mail
TopBuild Extends and Upsizes Senior Secured Credit Facilities
DAYTONA BEACH, Fla., May 19, 2025 (GLOBE NEWSWIRE) -- TopBuild Corp. (NYSE: BLD), a leading installer and specialty distributor of insulation and building material products to the construction industry in the United States and Canada, today announced the extension and upsizing of its existing senior secured credit facilities. The new $2.25 billion facilities include a $1.0 billion term loan, a $1.0 billion revolving credit facility and a $250.0 million delayed draw term loan, each maturing in May 2030. 'The continued strong support from our key banking partners reflects our solid track record of operating performance and confidence in our business model,' said Rob Kuhns, Chief Financial Officer of TopBuild. 'The transaction significantly increased our available liquidity and financial flexibility, further strengthening our ability to execute our capital allocation strategy.' The amended credit facilities will bear interest at the Secured Overnight Financing Rate (SOFR) plus 1.25% per annum (subject to adjustment based on a leverage-based pricing grid). About TopBuild TopBuild Corp., headquartered in Daytona Beach, Florida, is a leading installer and specialty distributor of insulation and related building material products to the construction industry in the United States and Canada. We provide insulation installation services nationwide through our Installation segment which has more than 200 branches located across the United States. We distribute building and mechanical insulation, insulation accessories and other building product materials for the residential, commercial, and industrial end markets through our Specialty Distribution business. Our Specialty Distribution network encompasses more than 150 branches across the United States and Canada. To learn more about TopBuild please visit our website at This press release was published by a CLEAR® Verified individual.
