Brewer Foster’s Group Ltd
(ASX:FGL) says it has approved a US$500 million three year debt facility to be used for general corporate purposes and improve liquidity.
The company says the initial US$300 million facility was more than two times oversubscribed and increased to US$500 million following a review of commitments from Asian banks.
The facility includes a fully drawn tranche and revolving facilities in Australian and United States dollar denominations.
Chief Financial Officer Angus McKay, says while Foster’s retains substantial existing un-drawn facilities, this raising ensures the company maintains a strong and diversified medium term committed liquidity position for the Group.
Foster’s Group net profits have been decreasing over the last two years since reaching a high of close to $1.2 billion in 2006.
