- Increased and extended syndicated loan facility ("loan facility")
- Multi-currency (AUD & USD) facility with tenors of two to four years
- Strong support from syndicate reflects strength of business
- Overall pricing and debt covenants are broadly consistent with the previous facility
SEEK received strong support from the syndicate which resulted in the loan facility being over-subscribed. SEEK's syndicate comprises National Australia Bank, HSBC, Westpac Banking Corporation, ANZ Banking Group, Commonwealth Bank of Australia, Bank of Tokyo-Mitsubishi UFJ, Sumitomo Mitsui Banking Corporation, United Overseas Bank and new syndicate member Bank of China.
Key features of the loan facility include:
- Revolving, unsecured, senior debt facility
- Tranche A A$190m (2 years), Tranche B A$360m (3 years), Tranche C US$275m (4 years)
- No material changes to other key terms or pricing from previous facility
In discussing SEEK's refinancing, Geoff Roberts, SEEK Group CFO, said
"This most recent refinancing together with our recent floating rate note issuance, provides SEEK with greater flexibility, tenor and diversity in its capital structure. SEEK has a strong balance sheet which positions the business well to capitalise on future growth opportunities.
Strong support by SEEK's banking syndicate is an endorsement of SEEK's medium to long term growth profile, cash flow generation as well as the strong relationships we have with each member of the syndicate."
About SEEK Limited
SEEK Limited (ASX:SEK) (OTCMKTS:SKLTY) is a diverse group of companies, comprised of a strong portfolio of online employment, educational, commercial and volunteer businesses. SEEK operates across 18 countries with exposure to over 4 billion people and 28 per cent of GDP. SEEK makes a positive contribution to people’s lives on a global scale. SEEK is listed on the Australian Securities Exchange, where it is a top 50 company with a market capitalisation close to A$6billion and has been listed in the Top 20 Most Innovative Companies Globally by Forbes, and Number One in Australia.