SCA Refinances Debt Facilities To 2026

SCA Refinances Debt Facilities To 2026

Southern Cross Media Group Limited has announced it has successfully negotiated the refinancing of its syndicated debt facility for a further four years.

The new facilities will comprise a four-year revolving $250m facility and will be used to repay the existing drawn debt of $128m while providing financial flexibility to support the business moving forward. Key financial covenants are unchanged, being the Leverage Ratio (Net Debt to EBITDA) at a maximum 3.5 times, and minimum interest cover of 3.0 times EBITDA. This provides significant headroom for the company compared to the operating covenant ratios on 30 June 2021 of 0.43 times and 15.6 times respectively.

The debt financing has been provided by five banks: Australia and New Zealand Banking Group Limited, National Australia Bank Limited, Westpac Banking Corporation, Mizuho Bank Ltd and Sumitomo Mitsui Banking Corporation.

SCA CFO Nick McKechnie (main photo) said: “We are extremely pleased with the new facilities which provide funding certainty for the next four years and flexibility to grow the business. The transaction reflects the confidence of the banking group in our strong cash generation and in the quality asset base of SCA. We are delighted to have the continuing support of four lenders and welcome Westpac Banking Corporation into the syndicate.”

The refinancing will be formally completed on 10 January 2022.




Please login with linkedin to comment

Southern Cross Media

Latest News

Sydney Comedy Festival: Taking The City & Social Media By Storm
  • Media

Sydney Comedy Festival: Taking The City & Social Media By Storm

Sydney Comedy Festival 2024 is live and ready to rumble, showing the best of international and homegrown talent at a host of venues around town. As usual, it’s hot on the heels of its big sister, the giant that is the Melbourne International Comedy Festival, picking up some acts as they continue on their own […]

Global Marketers Descend For AANA’s RESET For Growth
  • Advertising

Global Marketers Descend For AANA’s RESET For Growth

The Australian Association of National Advertisers (AANA) has announced the final epic lineup of local and global marketing powerhouses for RESET for Growth 2024. Lead image: Josh Faulks, chief executive officer, AANA  Back in 2000, a woman with no business experience opened her first juice bar in Adelaide. The idea was brilliantly simple: make healthy […]