Ann: Sale Completion East London Bus Operation and Finance Update, page-2

According to this update amount of credit facilities have been increased:

Update – Financing Arrangements

Kelsian is pleased to advise that it has amended the revolving credit Facility B1, effective 22 June 2022, in its existing senior debt facilities (described in Note 16 of the financial report for FY2021 in its Annual Report) to increase the amount of credit available under the Facility and extend the term of the B1 Facility by approximately 2 ½ years to July 2025 plus an optional year with consent of lenders. Following those changes Kelsian has the following financing arrangements with a panel of four financiers:


We are not told by how much, but it is clear that by any measure debt levels and gearing are increasing. This analysis from Simply Wall Street:



CommSec have Debt/Equity as 76%. Management state Gearing Ratio increasing from 30.5% to 34.9% (based on net debt divided by net debt + equity). As a former investor in Sealink I have been looking to re-enter this stock but am now having reservations.
I would be interested to hear others views on company's debt levels, particularly the basis on which management assess their exposure.