Emeco (ASX:EHL) has completed the refinance of US$180 million (A$247 million) of 2022 Notes with new notes maturing on 31 March 2024, eliminating the Company’s 2022 refinancing task.
Under the new 2024 Notes, whilst net leverage is below 1.5x, there is no cash sweep and restrictions on distributions to shareholders are relaxed.
The 2024 Notes will be listed on the Singapore Exchange (SGX).
Emeco will have the strongest balance sheet since its initial public offering in 2006.
Shares in Emeco (ASX:EHL) shares are traidng 0.3 per cent lower at 85 cents.