Building products manufacturer Brickworks Ltd
(ASX:BKW) has secured two key financing facilities that will further strengthen its balance sheet and financial position.
The company says $94 million has been refinanced with the Commonwealth Bank of Australia (ASX:CBA) on favourable three year terms for the CDC and Toll property trust buildings.
These two properties, located in Western Sydney, are jointly owned by Brickworks and Goodman Australia Industrial Fund and have long term leases in place.
Brickworks says CBA is also providing a $65 million construction facility and operating lease for the expansion of the Wollert plant in Victoria, this facility will secure funding for this plant for the next 12 years.
Managing director Lindsay Partridge says the company is very pleased with the support received from CBA and these facilities demonstrate confidence in both the quality of assets and long term strategy of the company.
Mr Partridge says the Wollert plant expansion will ensure the company maintains its market leading position in the Victorian brick market.
Brickworks reported a $305.22 million profit for fiscal 09.
