Allco Finance Group (ASX: AFG) – New senior debt facility close...

Allco Finance Group (ASX: AFG) – New senior debt facility close to being signed
Following the ASX announcement on 15 July 2008 indicating that Allco Finance Group (Allco) had reached agreement with its banking syndicate on the terms of the new senior
debt facility, Allco advises that its twelve syndicate banks have all obtained their required internal approvals for the new facility. The facility remains subject to final documentation.
The new senior debt facility will replace Allco’s existing senior debt facilities and match the outstanding drawings at the time of financial close of the new facility.
Given that final documentation has not been completed, an extension of the existing senior debt facilities has been agreed to 14 August 2008.
Allco also confirms that it continues to reduce its borrowings, with senior debt facilities now at A$691 million following further debt repayments in July. This brings the total reduction in senior debt and contingent commitments since April to A$363.6 million.