The facility had an existing maturity date of April 2019 but has now been restructured into two tranches with the first tranche of $200 million continuing to mature in April 2019 and the second tranche of $200 million now maturing in April 2021.
Pricing for the April 2019 tranche remains unchanged whilst pricing for the April 2021 tranche has been adjusted to reflect the longer dated term.
All existing syndicate banks participated in the extension transaction.
The acting chief financial officer of Downer Michael Ferguson said the company was very pleased with the outcome.
“Downer appreciates the continued support it receives from its relationship banks,” Ferguson said.
“This transaction extends the company’s weighted average debt duration and reduces refinancing risk.”
The group is rated BBB (Stable) by Fitch.