Beach secures $320 million financing facility
Adelaide, July 31, 2013 AEST (ABN Newswire) - Beach Energy Ltd (
ASX:BPT) ("Beach") has entered into a secured $320 million refinancing of its current $150 million secured Multi-Option Facility, which was due to expire in 2014.
The new facility consists of three tranches:
- $150 million three year revolving loan facility;
- $150 million five year revolving loan facility; and
- $20 million letter of credit facility.
There was strong interest by both domestic and international banks in relation to the refinancing of Beach's multi-option facility, with the new facility secured at more competitive fee and margin rates. This reflects the strength of Beach's balance sheet which is supported by robust and growing cash flow from its underlying business.
The refinancing was arranged by the Australia and New Zealand Banking Group Limited (ANZ) and the Commonwealth Bank of Australia (CBA) as Mandated Lead Arrangers and Joint Book Runners. ANZ and CBA were joined by The Hong Kong and Shanghai Banking Corporation Limited (HSBC) and National Australia Bank Limited (NAB) as Mandated Lead Arrangers.
Managing Director, Reg Nelson said today, "This new debt facility continues to provide further strength to what is already a healthy balance sheet and secure financial position for Beach. Prudent financial management has always been a core focus of the management team, and this facility continues this approach by ensuring we are in a strong position to meet future capital expenditure programs, which may include the repayment of quasi debt instruments over time. Beach is looking forward to continuing its ongoing relationship with the CBA as well as building new relationships with the ANZ, NAB and HSBC, as it continues to grow both in Australia and overseas."
Contact
Beach Energy Limited
T: +61-8-8338-2833
F: +61-8-8338-2336
WWW: www.beachenergy.com.au
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