EVT Group completes $750m refinancing process
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The news: Event hospitality and entertainment group EVT Group has finalised its refinancing process, increasing the main debt facilities to $750 million, from $650 million in 2023.
The context: The $750 million three-year debt facilities consist of multi-currency loan arrangements and a $15 million credit support facility, secured on improved margins.
The group said debt drawn under the new facility will bear interest at the benchmark reference rate in addition to an annual margin of between 1.25% to 2%, with a current weighted average margin of around 1.59%.
At the date of refinancing, the group had drawn approximately $610 million under the debt facilities, and $5 million under the credit support facility, alongside $90 million excess in cash holdings.
Current lenders include Commonwealth Bank of Australia, the Hongkong and Shanghai Banking Corporation, National Australia Bank and Westpac.
What they said: “EVT extends its appreciation to NAB, CBA, HSBC and WBC for their strong support and desire to participate as lenders for our group. We look forward to working with all our banking partners as we continue to progress our growth plans,” EVT CEO Jane Hastings said.
The source: ASX
