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.