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oOh!media Announces Capital Structure and Operational Initiatives

26 Mar 2020  |  13:49:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: oOh!media Launches Equity Raising

oOh!media announced proactive initiatives to improve the Company's financial flexibility and liquidity in light of recent global macroeconomic conditions. The Company launched a $167m equity raising, with proceeds to be applied to repay debt and fund transaction costs; material cost control measures with identified savings of $20m - $30m in Operating Expenditure and Fixed Rent expense reduction to be realised over financial year 2020 depending upon how market conditions evolve; reduction of Capital Expenditure program by $25m - $35m below the previous guidance range of $60 - $70m; and amendment of the Company's debt arrangements to increase the gearing covenant to 4.0x Net Debt / EBITDA for calendar year 2020, reflecting strong support from the Company's banking syndicate.

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