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SOUTHERN CROSS ELECTRICAL ENGINEERING LTD — Capital/Financing Update 2015
Aug 27, 2015
65884_rns_2015-08-27_8017bb10-142b-4f5f-a606-744bfd6c7e02.pdf
Capital/Financing Update
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SCEE renews banking facility
28 August 2015
ASX & media announcement ASX code: SXE
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Banking facility with CBA renewed for two years
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Allows bonding capacity of $60m
SCEE is pleased to announce that the Commonwealth Bank of Australia (“CBA”) has renewed SCEE’s Multioption Facility for a further two years. This allows for the provision of bank guarantees and working capital from CBA of $40 million and there is a permitted limit for other bonding of $20 million.
This renewal decreases SCEE’s total potential bonding capacity from $90 million to $60 million.
SCEE’s Managing Director Chris Douglass said “As foreshadowed in earlier announcements, SCEE was seeking a reduction in the size of its facility in order to maintain a more appropriate balance between funding requirements and facility costs as a part of its wider restructuring activity aimed at ensuring our business is appropriately organised and efficient to operate in current market conditions.”
Banking covenants are unchanged and the facility is subject to normal commercial terms and conditions and matures on 26 August 2017.
Contact
SCEE Perth Office 41 Macedonia Street Naval Base WA 6165 T: +61 8 9236 830
Chris Douglass Interim CEO E: [email protected]
Colin Harper Company Secretary E: [email protected]
Southern Cross Electrical Engineering Limited
ABN 92 009 307 046