Sydney, May 26, 2010 (ABN Newswire) - Brickworks Limited (ASX:BKW) (PINK:BRKWF) today announces two key financing facilities that will further strengthen its balance sheet and financial position.
A$94 million has been refinanced with the Commonwealth Bank of Australia (ASX:CBA) ("CBA") on favourable 3 year terms for the CDC (Coles Cold Store) and Toll property trust buildings. These properties are owned jointly by Brickworks and the Goodman Australia Industrial Fund ("GAIF"). They are high quality assets located in Western Sydney with long term leases in place.
The CBA is also providing a A$65 million construction facility and operating lease for the expansion of the Wollert plant in Victoria. This facility secures funding for this plant for the next 12 years. Construction of the expansion is progressing well and is currently on schedule.
Brickworks Managing Director, Mr Lindsay Partridge said, "we are very pleased with the support received from the CBA and these facilities demonstrate confidence in both the quality of assets and long term strategy of the company. The Wollert plant expansion will ensure we maintain our market leading position in the Victorian brick market".
Brickworks Limited (ASX:BKW) was listed on the Australian Securities Exchange in 1962 and has paid a dividend every year since then. It has three Groups - Building Products, Land and Development and Investments. The Building Products Group includes Australia's largest bricks producer Austral Bricks(TM), Austral Masonry(TM), Bristile Roofing(TM) and Austral Precast(TM). The Land and Development operation maximises value from surplus land and redundant building products sites. Investments include a 42.85% holding in Washington H. Soul Pattinson.
Contact
Mr. Lindsay Partridge Managing Director Brickworks Limited Tel: +61-2-9830-7700
ASX:BKW) (
Brickworks Limited
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