Macquarie Media Group
(ASX:MMG) says it has completed its recapitalisation with the bank facilities of its core business now reduced to $338 million.
The company says it used $535 million from its recent entitlement offer and the majority of available parent level cash to reduce the Macquarie Southern Cross Media’s business level bank facilities.
Macquarie Media Group says the recapitalisation left it with $68 million in parent level cash available for ongoing working capital requirements.
The company says that discussions with its lenders to refinance Macquarie Southern Cross Media’s business level bank facilities are progressing.
Macquarie Media Group posted a loss of $123 million in 2009.
