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Donaco International Announces Refinancing of Working Capital Facility

27 Jul 2016  |  10:48:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: Refinancing of Working Capital Facility

Donaco International announced that it has refinanced its US$20m working capital facility that was announced to the ASX on 23 June 2015 and 1 July 2015. The refinancing will save the Company US$3.8m in financing costs over the next 2 financial years (FY17 and FY18), compared to the cost of repaying the facility in accordance with its original terms. The refinancing was provided by Mega International Commercial Bank Co. of Taiwan. Of the original US$100m facility with Mega Bank, the Company has repaid US$10m of the principal amount in January 2016, and a further US$15m in July 2016, leaving US$75m to be repaid. The total outstanding debt under these arrangements remains unchanged at US$95m. This will be repaid over the remaining 2-year term of the Mega Bank facility, with a balloon payment in July 2018 of US$35.8m.

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