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F&P Appliances trading halt as interim facility deadline looms

Published 25 May 2009

Trading in Fisher & Paykel Appliances Holdings Ltd shares was halted from the start of trading Monday 25 May until the start of trading Wednesday 27 May after speculation about the state of its refinancing over the weekend.

 

Managing director & chief executive John Bongard told NZX the company had been working with its banking syndicate with a view to refinancing the total bank debt of the group by Friday 29 May. At the same time, it was reviewing its capital structure and examining alternative sources of capital.

 

It sought the trading halt “because these capital management initiatives, in their totality, remain incomplete and F&P Appliances is not currently in a position to announce these initiatives”.

The company said in March it had reached agreement for establishment of a new interim $80 million funding facility. The agreement included a waiver of the group’s debt- & interest-cover ratio covenants as at 31 March for the term of the interim facility. The company said on 28 April it had got the facility extended to 29 May.

 

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Attribution: Company statement, story written by Bob Dey for the Bob Dey Property Report.

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