Earth moving equipment company, Emeco (ASX:EHL) has today announced its refinanced its $40 million hedging facility with a new three year $65 million debt facility, which it can extend to five years at its option.
The new facility is undrawn and, with improved terms including pricing, provides Emeco with significant flexibility to meet future cash requirements.
Emeco says it has expanded its currency hedging program to hedge substantially all of the company's foreign exchange exposure relating to both the coupon payments and the face value of its Senior Secured Notes.
The refinancing comes after Moodys upgraded Emeco's family and senior secured debt ratings to B2 and upgraded Emeco's outlook to positive from stable last month.
Shares in Emeco (ASX:EHL) are trading 1.5 per cent higher at $0.35