Broadcast Australia refinances debt
By Brendan Swift
Broadcast Australia has raised $250 million in new bank facilities and extended the majority of its capital expenditure and working capital facility to 2012.
It comes as the company’s owner, Macquarie Communications Infrastructure Group, considers selling the business after receiving expressions of interest earlier this year.
Broadcast Australia owns key transmission infrastructure, which is used by broadcasters such as ABC and SBS.
Companies across a range of sectors have had difficulty refinancing debt due to the difficult economic environment.
Broadcast Australia’s new $250 million facility will refinance medium term notes which were due to mature in July.
“The facility has been provided by a combination of local and international banks and the margin is approximately 250 basis points,” MCG chief executive Scott Davies said.