The new facility comprises three tranches over four years with the first tranche comprising a $75 million working capital cash advance facility over three years.
Tranche B is a three-year $125 million bank guarantee facility and tranche C is a $275 million equipment finance facility over three and four years.
The facilities come from a syndicate of lenders comprising Commonwealth Bank of Australia, HSBC Bank Australia, Caterpillar Financial Australia, Sumitomo Mitsui Banking Corporation, GE Capital, First Commercial Bank, Taiwan Business Bank, Chang Hwa Commercial Bank and new addition Export Finance & Insurance Corporation.
Macmahon chief financial officer Teresa Mlikota said the facility was negotiated on improved terms and conditions.
“With a record order book and an expanding geographical diversity of projects across the globe, the new facility confirms the strength of the current position of the business and enables us to deliver further growth over the next three to four years,” she said.
“In light of the current financial market uncertainty, this is an excellent outcome for the company.”
Macmahon has won around $1.7 billion of new business over the past six months, including the contract for the massive Tavan Tolgoi coal project in Mongolia.
The company said it had received expressions of interest for stand-alone funding of the project.
This story first appeared on ILN's sister publication Constructionindustrynews.net.
