Spotless Group Ltd
(ASX:SPT) has secured $US160 million in debt funding.
The maintenance and cleaning services company says it will with terms between 12 to 20 years. Spotless says the purpose of the issue is to repay bank debt, lower refinancing risk and also, extend the maturity profile of the group’s debt facilities.
Managing director Josef Farnik says the group is stronger through diversifying its sources of funding.
When the issue is complete, Spotless will have $US290 million in US private placement notes at fixed interest rates.
Spotless Group posted steady growth in fiscal 2010, recording a net profit of $43.5 million.
