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Elders announces comprehensive recapitalisation and refinancing
Elders Limited (Elders) announces that it has completed equity raising initiatives and agreed credit terms which will provide the Company with a strong and sustainable balance sheet and renewed long term debt facilities, designed to underpin a secure outlook for the business as follows:
- Gearing reduces to 14% with net debt reducing from $997m to $200m;
- Gross proceeds of over $700m realised or expected to be realised from asset sales by 31 December 2009;
- Commitments from lenders to restructure debt funding with bulk of term debt on 3 year term; and
- Equity raising of up to $500m (underwritten to $475m).
Elders Chief Executive Malcolm Jackman said, "The recapitalisation and refinancing secure our future, providing us with the strong balance sheet required to achieve our near term and longer term objectives."
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