Southern Cross Austereo refinances debt to 2021 | Finance News Network

Southern Cross Austereo refinances debt to 2021

Company News

by Kathy Skantzos

Media group Southern Cross Austereo (trading as Southern Cross Media Group) (ASX:SXL) has refinanced its debt facilities through to January 2021, comprising a 3-year revolving $500 million facility.

The funds will be used to repay the existing drawn debt of $360 million and provide financial flexibility to support the business going forward.

The debt financing has been provided by six banks, including ANZ, Commonwealth Bank and NAB to name a few.

The company’s FY2018 net finance costs will reduce for the year by 15 per cent to around $16 million as a result.

The company said it is pleased with the new facilities and said the transaction reflects the confidence of the banking community.

Shares in Southern Cross Austereo (ASX:SXL) are trading 0.43 per cent lower to $1.16.

Kathy Skantzos

Finance News Network
Kathy presents the Market Outlook and ASX company news. She joined FNN in September 2017. She has been in print and online journalism for over 9 years. She also worked in corporate communications.