Published 2 October 2008
Fisher & Paykel Appliances Holdings Ltd said today its subsidiary, Fisher & Paykel Finance Ltd, had secured new funding facilities from a syndicate of banks led by ANZ Bank.
The syndication comprises a multi-tranche cash advance facility through 3 lenders and replaces the bilateral banking facilities previously provided by those banks.The $335 million facility comprises multiple tranches of one-, 2- & 3-year terms of $125 million, $105 million & $105 million.Fisher & Paykel Appliances chief executive & managing director John Bongard said the company continued to receive strong support from its retail investor base, with reinvestment rates averaging 65% over the last 3 months and 70% in September.He said the syndicated facility provides Fisher & Paykel Finance with significantly longer-term liquidity than was provided by the previous bilateral facilities, and said: “As at 30 September, the company had in excess of $125 million of undrawn committed bank facilities, providing strong liquidity to continue to support existing customer relationships and develop new business opportunities.”
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Attribution: Company statement, story written by Bob Dey for the Bob Dey Property Report.