Pacific Brands Ltd (ASX:PBG) has finalised a deal to refinance $500 million of syndicated debt facilities.
The lifestyle brands retailer has agreed to a credit facility of $225 million maturing in January 2014, in addition to a term facility of $175 million maturing in January 2015, and a separate term facility of $100 million maturing in January 2016.
Pacific Brands says the new facility improves the company's liquidity because of the staggered maturity dates and that all existing lenders agreed to participate.
The company also adds that the new facility reflects competitive pricing and improved commercial terms, and was significantly oversubscribed by existing members of the syndicate.
Pacific Brands generated a net profit of $53.195 million in the 2010 financial year.
PBG Price at posting:
$1.03 Sentiment: None Disclosure: Held
