AI assistant

Sign in to chat with this filing

The assistant answers questions, extracts KPIs, and summarises risk factors directly from the filing text.

Sign up Log in

SRG GLOBAL LIMITED Capital/Financing Update 2016

Sep 1, 2016

65852_rns_2016-09-01_ccd44419-eeef-4eae-80b7-58a7400b99b0.pdf

Capital/Financing Update

Open in viewer

Opens in your device viewer

ASX MEDIA ANNOUNCEMENT

2 September 2016

GCS SUCCESSFULLY REFINANCES DEBT FACILITIES

Global Construction Services Limited (ASX:GCS, "GCS") is pleased to announce it has successfully completed the refinancing of its debt facilities to enhance the Group’s capital structure and lower its cost of debt by circa 30%.

The new A$40 million secured working capital and equipment finance facilities with CBA, and a A$22 million equipment finance facility with Toyota Fleet Management replaces the A$60 million Harrenvale Pty Ltd (formerly GE Commercial) cash advance and equipment finance facilities.

These new facilities extend the Company’s average debt maturity profile, lower its cost of debt, and provides a more flexible and sustainable debt structure to support and respond to growth opportunities and market conditions.

-ENDS-

ABOUT GCS

The GCS Group is an Australian construction and maintenance services company that offers a diverse range of integrated products, services, and solutions covering the Infrastructure; Energy; Oil & Gas; Resource & Industrial; Commercial; and Residential sectors. The GCS Group’s strategy for growth is to continue to capitalise on opportunities in the sectors it currently services, explore new markets and products, diversify into related industry sectors, and acquire selected new businesses that create value for shareholders.

Further Information: