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Emeco Holdings Announces Completion of Refinance of US$180m of Notes

16 Sep 2020  |  08:26:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: Completion of refinance of US$180 million of Notes

Emeco Holdings announced completion of the refinance of US$180m (A$247m) 31 March 2022 notes (2022 Notes) pursuant to privately negotiated arrangements with certain major noteholders. The new notes have a maturity date of 31 March 2024 notes (2024 Notes). Under the terms of the 2024 Notes, whilst it remains below 1.5x net leverage, there is no cash sweep obligation and restrictions on shareholder distributions have been relaxed. These amendments improve the Company’s flexibility to manage its capital going forward.

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