LEIGHTON Holdings is going to banks in Asia Pacific to secure a new $700 million three-year syndicated cash advance facility.
The facility refinances and increases the size of the existing $600 million which is maturing in December 2013.
Leighton Holdings’ deputy CEO and CFO Peter Gregg said that enhancing the group’s financial strength through a disciplined capital management program was a priority.
“Strengthening our balance sheet and effectively managing our capital will ensure we can grow from our existing financial base. This includes diversifying and refinancing our funding sources, as well as driving working capital and capital expenditure improvements, and recycling capital from non-core assets,” he added.
ANZ Bank, Mizuho Corporate Bank, Sydney Branch and National Australia Bank are the appointed mandated lead arrangers and bookrunners. The facility has been cornerstoned by the MLABs with each institution committing $100 million.
The syndication will target a diverse range of banks in the Australian and Asia Pacific loan markets. Invitations are being distributed to existing and new banks across the Asia Pacific region, highlighting key dates of the roadshow in Singapore, Hong Kong, Taipei and Sydney.
Property Review
