Southern Cross Austereo has refinanced its syndicated debt facility through to January 2023.
The new facilities will comprise a 3 year revolving $435m facility and a one year revolving $25 million
facility and will be used to repay the existing drawn debt of $325m and provide financial flexibility to
support the business going forward.
The debt financing has been provided by six banks: Australia and New Zealand Banking Group
Limited, Commonwealth Bank of Australia, National Australia Bank Limited, Mizuho Bank Ltd,
Sumitomo Mitsui Banking Corporation, and Bank of China Limited.
Southern Cross Austereo CFO Nick McKechnie said: “We are extremely pleased with the new facilities which provide funding certainty and flexibility to grow the business. The transaction reflects the confidence of the banking community in our strong cash generation and in the quality asset base of SCA. We are delighted to have the continuing support of five lenders and welcome Bank of China into the syndicate.”
The refinancing will be formally completed on 8 January 2020.
The news follows last weeks ‘Black Tuesday’ at SCA where up to 90 employees across the radio network were made redundant.