Company News Summary
Flight Centre Repays USA Loan
Original announcement: FLT Repays USA Loan
Flight Centre advised that it will strengthen its business foundations by paying down more than half its debt. The company has moved to capitalise on the Australian dollar's current strength by electing to repay a US$60.0m loan that was used to partly fund the Liberty Travel acquisition in the US in 2008. Company cash will be used to repay the loan, which represents the bulk of the company's debt ($107.0m at 30 June 2012 balance). The company expects to formally pay the loan out before the end of December 2012. By removing the US loan, the company will lower its total debt to less than $50.0m.
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