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Emeco Holdings Limited (ASX:EHL) has successfully refinanced its $50 million syndicated debt facility with a new $75 million asset backed loan maturing in December 2017.
The ABL will provide Emeco with much more flexible terms and conditions as CEO Greg Hawkins says the new loan was better suited to work with the company existing US dollar bond issue.
Emeco is Australia’s only listed specialist mining rental business. The company recently announced a new strategy to lift group fleet utilisation and increase margins in a bid to return the business to profitability within the next one to three years.
The company is cautiously optimistic regarding the second half of the 2015 financial year.
Emeco Holdings Limited made a net loss of $275.3 million in the 2014 financial year.
News: Emeco secures flexible loan facility
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