Feb 29 (Reuters) - ALS Ltd (ALQ) :
- Debt reduction and likely non-cash impairment charge (ALQ)
- Advises that it is likely to incur a non-cash impairment charge of approximately $330 million before tax in the current financial year ending 31 March 2016
- Impairment will have no impact on the company's borrowing covenant levels or its ability to pay dividends
- In the period since equity raising successful in applying $183 million net proceeds raised to repayment of short term and long term borrowings
- Says debt reduction will save $5.5 million in interest expense per annum
- Has reduced its committed bank debt facilities by USD160 million to USD80 million saving about $1.3 million per annum in undrawn commitment fees
- "ALS expects current restructuring activities will see its oil & gas division generate a small profit in FY 2017"
- Mid-term expected performance of oil & gas division will not likely support the carrying value of the intangibles in the division
- 'Says "als' upstream oil and gas businesses continue to operate in a very challenging market "
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News: ALQ ALS Ltd updates on debt reduction and likely non-cash impairment charge
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