Pacific Brands refinances debt with $500 million facility
08 Feb '11
2 min read
Pacific Brands announced that it had finalised an agreement for the refinancing of its existing syndicated debt facility with a new $500 million facility. The following committed amounts and maturities have now been agreed:
• Tranche 1 revolving credit facility of $225 million maturing 31 January 2014 • Tranche 2 term facility of $175 million maturing 31 January 2015 • Tranche 3 term facility of $100 million maturing 31 January 2016
Pacific Brands' existing lenders have all agreed to participate in the new facility which, with a staggered maturity profile out to 5 years, improves Pacific Brands' liquidity profile. The new facility reflects competitive pricing and improved commercial terms, was significantly oversubscribed by existing members of the syndicate, and is subject to customary closing conditions.
Commenting on the refinancing, Sue Morphet, Chief Executive of Pacific Brands, said “We are pleased to confirm finalisation of a successful refinancing of our core corporate facility. The new facility has been fully supported by our existing banking group. We welcome their continuing support, confidence in the company and endorsement of the benefits realised from implementation of our Pacific Brands 2010 strategy”.
Pacific Brands is a leading manager of Everyday Essential Brands. With headquarters in Melbourne, Pacific Brands has operations throughout Australia as well as in New Zealand, United Kingdom, Malaysia, China and Indonesia. The Company employs around 6,500 employees worldwide.
20240830145952.gif)
20240925092649.png)
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "UBM China (Shanghai)")
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
