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- Release Date: 16/04/14 10:30
- Summary: GENERAL: DOW: Extension of Syndicated Credit Facility
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DOW
16/04/2014 08:30
GENERAL
REL: 0830 HRS Downer EDI Limited
GENERAL: DOW: Extension of Syndicated Credit Facility
15 April 2014
EXTENSION OF SYNDICATED CREDIT FACILITY
Downer EDI Limited (Downer) announced today it had successfully completed the
extension of its A$400 Million Syndicated Credit Facility.
The Facility, which closed in April 2013 with a maturity of four years,
included an option (exercisable in April 2014) to extend the term for a
further one year period from April 2017 to April 2018.
Downer has improved its credit profile over the past few years and in June
2013 Fitch upgraded the Group's credit rating from BBB- to BBB (Stable). This
improved credit rating and the general contraction in market credit spreads
has enabled Downer to achieve reduced pricing for the whole revised four year
Facility. The revised pricing will apply from April 2014.
The Chief Financial Officer of Downer, Kevin Fletcher, said all banks in the
Facility unanimously agreed to the extension with no changes to existing
participation levels.
"This extension reflects strong ongoing support from Downer's domestic and
international banks and also the substantial progress we have made to
transform the business and rebuild the balance sheet," Mr Fletcher said.
"As well as assisting the Group to reduce funding costs, the transaction
extends the company's overall weighted average debt duration to 2.9 years."
For further information please contact:
Michael Sharp, Group Head of Corporate Affairs and Investor Relations +61
439 470145
Luke Thrum, Manager Investor Relations +61 459 828720
Downer EDI Limited (www.downergroup.com) provides comprehensive engineering
and infrastructure management services to the public and private Minerals &
Metals, Oil & Gas, Power, Transport Infrastructure, Telecommunications, Water
and Property sectors across Australia, New Zealand and the Asia Pacific
region.
End CA:00249533 For:DOW Type:GENERAL Time:2014-04-16 08:30:20
(20min delay)