Mining services provider Emeco (ASX:EHL) is finalising a new five-year $355 million revolving syndicated debt facility, including a $5 million ancillary facility maturing in December 2030, with a one-year extension option.
This facility replaces the existing $100 million revolving debt facility, maturing in December 2025, and will be used to take Emeco’s $250 million Australian medium term notes which mature in July 2026.
Leeuwin Capital Partners acted as financial advisors to Emeco during the refinancing process with Commonwealth Bank of Australia appointed as the mandated lead arranger.
Emeco, which has a market capitalization of $694.6 million, says the enhanced funding capability will support the company’s core rental and equipment maintenance businesses providing increased flexibility in managing the operational and capital needs of the business.
The facility was oversubscribed by the bank debt market, offering improved terms and pricing. The company notes this reflects the improved financial condition of Emeco and the strength of its business model.
Emeco is an Australian provider of mining equipment rental, maintenance, and rebuild services. The company supports customers to maximise mine and asset performance and safety.
Write to Aaliyah Rogan at Mining.com.au
Images: Emeco
