Astaldi given breathing space

After discussions with a syndicate of banks, Italian-based construction company Astaldi has completed the process of redefining the financial covenant for its €500 million revolving credit facility (RCF).

The new boundaries laid out in the contract will allow Astaldi more breathing space, accounting for the negative impact the Venezuelan market had on the firm’s financial results announced at the end of September 2017. The margins of interest applied to the RCF have not changed.

It was said that the newly defined covenant supported Astaldi’s 2017 to 2021 strategy plan objectives, which were set out early in 2017.