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SOUTHERN CROSS ELECTRICAL ENGINEERING LTD — Capital/Financing Update 2013
Aug 22, 2013
65884_rns_2013-08-22_c649633f-d449-48d4-a2c0-e75d1cf23bdc.pdf
Capital/Financing Update
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SCEE Increases Banking Facility
23 August 2013
ASX & media announcement ASX code: SXE
Contact
Highlights
SCEE HEAD OFFICE 41 Macedonia Street, Naval Base, Perth 6165 Western Australia E: [email protected] T: +61 (0)8 9236 8300
F: +61 (0)8 9410 2504
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Banking facility with CBA increased
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Bonding capacity up from $60m to $90m
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Strengthens SCEE’s financial capability to undertake large scale LNG projects
Simon High Managing Director E: [email protected]
Chris Douglass Chief Financial Officer & Joint Company Secretary E: [email protected]
SCEE is pleased to announce that the Commonwealth Bank of Australia (“CBA”) has increased SCEE’s Multi-option Facility for the provision of bank guarantees and working capital to $60 million and raised the permitted limit of other bonding to $30 million.
Colin Harper Investor Relations Manager & Joint Company Secretary E: [email protected]
This increases SCEE’s potential bonding capacity from $60 million to $90 million.
SCEE’s Managing Director Simon High said “The increase in our banking and bonding facilities represents a further strengthening of SCEE’s financial capability. This is the second increase in just over a year and is in line with the growth we are achieving.
The extension of our bonding capacity provides us with the financial capacity to undertake the large scale contracts that SCEE targets, in particular the construction work on Australia’s onshore LNG plants.”
The financing facility is subject to normal commercial terms and conditions and matures on 31 August 2015.
Southern Cross Electrical Engineering Limited
ABN 92 009 307 046