Emeco refinances loan

EARTHMOVING equipment provider Emeco has improved its funding profile by refinancing its $A450 million debt facility, it says.
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Justin Niessner

Emeco said it originally planned to refinance $300 million of the $450 million total, but decided to extend the maturity profile of the entire facility to 4.9 years.

The new loan is a three-year $200 million, four-year $125 million and five-year $125 million revolving multi-currency facility.

Established in conjunction with $US140 million in US private placement notes, the debt enhancement provides Emeco available headroom of $A239 million.

“Today’s extension of the bank facility, together with the long-dated USPP notes issued in May, provides certainty on the company’s funding structure and access to capital, which will support the delivery of Emeco’s medium to longer term business objectives,” Emeco chief financial officer Stephen Gobby said.

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