SEEK announces successful refinancing and upsizing of its syndicated loan facility

Refinancing of Syndicated Loan Facility
Refinancing of Syndicated Loan Facility
Melbourne, Dec 19, 2018 AEST (ABN Newswire) - SEEK Limited (ASX:SEK) (OTCMKTS:SKLTY) ("SEEK") today announced the successful refinancing of its syndicated loan facility arranged by HSBC and National Australia Bank comprising revolving facilities of A$625m and US$275m, and two new term loans totalling US$300m.


- New multi-currency (AUD & USD) syndicated loan facility comprising revolving and term loans

o Revolving loan facilities (AUD & USD) with tenors of three, four and five years

o USD term loans with tenors of four and five years

- Strong support for the syndicated loan facility reflects strength of the business

- No change to debt covenants and pricing has not changed materially

SEEK received strong support which resulted in the syndicated loan facility being over-subscribed. SEEK's new syndicated loan facility includes all 9 banks from the previous facility plus the addition of 10 banks from Canada, China, Singapore and Taiwan.

Key features of the new facilities include:

Revolving loan facilities

- Unsecured, senior debt facility

- Tranche A A$375m (3 years), Tranche B A$250m (4 years), Tranche C US$275m (5 years)

- No material changes to other key terms or pricing from the previous facility

USD term loans

- Fixed term, unsecured, senior debt facility

- Tranche D US$100m (4 years), Tranche E US$200m (5 years)

- Terms and conditions consistent with the revolving loan facility

SEEK continues to operate comfortably within its banking covenants, with Borrower Group net debt at broadly comparable levels to 30 June 2018. (see Note below)

In discussing SEEK's refinancing, Geoff Roberts, SEEK Group CFO, said

"This most recent round of refinancing provides SEEK with greater flexibility and diversity in its capital structure. The addition of the new term loans has increased both the capacity and overall tenor of our debt. SEEK has a strong balance sheet and is very well placed to capitalise on both existing and new growth opportunities in the very large Human Capital Management market. SEEK received very strong support for the refinancing which is testament to its medium to long-term growth profile and cash generation."

Note: SEEK Limited Borrower Group net debt of A$806.8M at 30 June 2018 (refer Note 7, page 74 of SEEK Limited's 2018 Annual Report)

About SEEK Limited

The purpose of SEEK Limited (ASX:SEK) (OTCMKTS:SKLTY) is to help people live more fulfilling and productive working lives and help organisations succeed. SEEK makes a positive contribution to people's lives on a global scale.

SEEK is the global leader in the creation and operation of online employment markets. Globally SEEK has relationships with over 700,000 hirers and 150 million candidates.

SEEK makes a positive contribution to people's lives through connecting more people to relevant job opportunities using its marketplace scale and technology to build radically more efficient and effective employment marketplaces.

SEEK is listed on the Australian Securities Exchange, and has been listed in the Top 20 Most Innovative Companies Globally by Forbes, and Number One in Australia.

SEEK has been recognised by AON Hewitt as an Employer of Choice ten years straight and is passionate about it's company's culture. SEEK is a leader in workplace diversity and inclusion.

For 20 years SEEK has been an integral part of Australians' job-search process, and as the country's leading employment marketplace is uniquely positioned to empower Australians with career, education and volunteer opportunities to create productive and fulfilling working lives.



Investor/Analyst enquiries
Geoff Roberts
SEEK Limited
Phone: +61-3-8517-4484

Media enquiries
Sarah Macartney
SEEK Limited
Phone: +61-433-949-639

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