Kier Group plc issued £250.0 million in aggregate principal amount of 9.0% Senior Notes due 2029 . Kier intends to use the proceeds from the offering of the Notes to partially prepay certain elements of its existing credit facilities and private placement notes (The Notes will be general unsecured senior obligations of the Issuer and will be guaranteed on a senior basis by certain subsidiaries of the Issuer. In parallel, Kier has also amended and extended its revolving credit facility.

As of 30 June 2023, £495.0 million was committed under the RCF. Following the Refinancing, commitments under the RCF will be reduced to approximately £261 million. As part of the RCF amendment and extension, commitments under the RCF will be further reduced to £150.0 million with effect as of 31 January 2025 and will mature on 31 March 2027.

The Refinancing will complete the Issuer's wider refinancing, in line with its overall strategy of de-gearing the business whilst retaining flexibility and optionality to deliver future growth.