Vocus Group Limited (ASX:VOC) announced that it has refinanced and extended the duration of its existing debt facilities and has confirmed its financial guidance for FY20 while tightening the guidance range.
- New syndicated debt facility comprises of A$1,255 million and NZD$135 million with a weighted average term of 3.5 years
- Net Leverage Ratio (Net Debt/EBITDA) covenant has been modified to a maximum of 3.25x at 30 June 2020 and 31 December 2020, reducing to 3.0x from 30 June 2021 and all subsequent periods
- Reported Net Leverage Ratio was 2.8x at the most recent testing date, 31 December 2019 and is anticipated to reduce at 30 June 2020
- FY20 EBITDA is expected to be in the range of $359 - $369 million
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