Company News Summary
ERM Power Announces Finance Facility with ANZ
Original announcement: ERM Power announces finance facility with ANZ
ERM Power announced the finalisation of a three-year funding deal with ANZ Banking Group. The A$290m facility with ANZ, which is secured against its Australian Retail business, provides for A$240m of three-year funding of either cash or bank guarantees and a further A$50m of 18-month funding for additional bank guarantees. The attractively-priced facility, which will be used to support Retail working capital, collateral and other business needs, will replace the current Macquarie Bank arrangement. Its CEO Jon Stretch said this facility represented another step-in Company's stated objective of improved capital efficiency and demonstrated the quality of the business and customer base.
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