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Myer Holdings Announces Existing Lenders Extend Finance Facilities COVID-19 Update

06 Aug 2020  |  16:53:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: Existing Lenders Extend Finance Facilities & COVID-19 Update

Myer Holdings announced that it had signed a binding term sheet with its existing lenders to amend and extend its bank facility until August 2022. The Company updated that the amended facility of $340m (which will amortise by $30m during 2021 and by $60m during 2022), compares to the existing facility of $360m. The reduced size in part reflects the Company's success in deleveraging the balance sheet during the past two years evidenced by reducing peak requirements, with a peak debt level for 2019 of $220m (compared to $290m a year earlier), and an increase in net cash at the end of 1H20 by $65m to $103m when compared to 1H19. The Company further updated that the lenders have agreed that no covenant testing will be required at the end of FY20.

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