The debt funding of the Group at 29 July 2017 comprised of a revolving cash advance syndicated facility of $500 million, which contains three tranches. This facility was established on 29 October 2009, drawn down on 6 November 2009 and amended and restated on 3 June 2011, 9 July 2013 and 23 June 2015.
At balance date the following amounts were drawn:
2017 $'000
Bank loans 145,000
Less: transaction costs (1,633)
Borrowings 143,367
The terms and conditions of the Group's revolving cash advance facility is as follows:
Amount Term Expiry date Revolving cash advance facility:
- Tranche A $145 million 4 years 21 August 2019 Revolving cash advance facility
- Tranche B $80 million 2 years 21 August 2017 Revolving cash advance facility
- Tranche C $275 million 4 years 21 August 2019
Tranche B should be finalised now, but they could possibly be in debt of $400m, but this would be throughout normal day to day trading conditions ? The amount would fluctuate and at times be zero as well
Any type of raising would surely play right into Lew's hands if it were to come to fruition .... and I am not sure LT shareholders would want to really participate; especially those at much higher average SP than current ?
MYR Price at posting:
61.0¢ Sentiment: Hold Disclosure: Held
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