Western Areas now debt free

Company News

Western Areas Limited (ASX:WSA) is now debt free after repaying a $125 million bond.
 
The nickel miner says it’s the first time it’s been debt free since 2004 with the bonds being repaid from existing cash reserves. 
 
Managing Director Dan Lougher says the repayment is an important milestone for the company and is part of a disciplined capital management plan. 
 
The company says its interest and financing charges will reduce by approximately $12.5 million in FY16.
 
An undrawn finance facility from ANZ Bank provides ample balance sheet flexibility. 
 
Western Areas reported a net profit of $23.5 million in the first half of the 2015 financial year.

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