(Alliance News) - FirstGroup PLC on Wednesday said it signed a purchase facility in line with its goal to buy electric bus batteries.

The Aberdeen-based transport company said it signed a new GBP150 million green hire purchase facility with a syndicate of three banks, aimed at supporting the purchase of electric bus bodies.

FirstGroup refers to the strategic joint venture with Hitachi Ltd to purchase up to 1,000 electric bus batteries for GBP100 million, announced back in November.

Furthermore, FirstGroup continued to buy its 2024 6.875% bonds resulting in a reduction in future net interest cost. As at Wednesday, purchases for a total of GBP44.0 million have been completed, with GBP128.1 million of the 2024 bonds remaining outstanding.

FirstGroup shares fell 1.5% to 168.40 pence each on Wednesday morning in London.

By Tom Budszus, Alliance News slot editor

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