Balfour Beatty pays off nearly half its debt
Balfour Beatty has announced that it has paid off nearly half its debt in a year.
The company released a statement to the City this morning revealing that it had paid down a £252.7m convertible bond.
The move means that the contractor has now cleared 45% of its gross debt over the last 12 months.
The news came just days after Kier revealed plans for a £264m rights issue in a bid to pay down more of its debt.
Construction firms have started to find credit harder to come by, as lenders reduce their exposure to the construction sector.
Kier also cited increased pressure to shorten the amount of time it took to pay its supply chain as a reason for its rights issue.