Perpetual refinances syndicated debt facilities, trims debt forecast

The news: Fund manager Perpetual said its expects full-year gross debt to be lower than previously forecast after refinancing its syndicated debt facilities.

The numbers: Perpetual expects gross debt to be between $740 million and $750 million by 30 June, an improvement on its previous target of between $750 million and $770 million.

Th context: The company said the new arrangement refinances all of its existing corporate debt "on improved terms and covenants".

Beyond the current financial year, Perpetual said debt reduction will be driven by the group's earnings, cost reduction program, cost and investment discipline, and the proposed sale of its wealth management arm.