Cardno restructures debt facilities

Source: Cardno - www.cardno.com.au

20 December 2013

Cardno Limited (ASX: CDD), the international professional infrastructure and environmental services company, has completed the restructuring of its debt facilities by entering into a series of five year, multi-currency bilateral revolving credit facilities totalling USD330 million.  Cardno’s new credit facilities will replace the existing bank facilities and provide funding flexibility for general corporate purposes and acquisitions.

The banking group includes Commonwealth Bank of Australia, Hong Kong and Shanghai Banking Corporation, Westpac Banking Corporation and Standard Chartered Bank providing a balanced mix of service capability given that more that 50% of Cardno’s operations are now outside Australia. The impact of the refinancing should result in a reduction of finance costs around AUD600,000 on current drawn facilities on an annual basis.

Cardno is now very well positioned with a strong level of liquidity to underpin the group’s growth and ongoing funding requirements globally.

Commenting on the refinancing Cardno’s Managing Director Andrew Buckley said:

“It is great to have concluded this refinancing process and to have secured long term relationships with four major banks. Our new facilities recognise Cardno’s enhanced credit quality and track record of growth, cash flow generation, and the strength of our balance sheet. I look forward to working with our banking partners as we continue to grow Cardno’s global presence.”

 

Contact

Mr Andrew Buckley Managing Director Ph: +61 (0)7 3369 9822 Mobile: +61 (0)412 059 526

Mr Graham Yerbury Chief Financial Officer Ph: +61 7 3877 6990 Mobile: +61 (0) 450 324 613

 

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