Synlait Milk Secures NZ$450 Million Syndicated Loans to Refinance Bank Debt

MT Newswires Live09-16

Synlait Milk (NZE:SML, ASX:SM1) entered definitive documents for NZ$450 million in syndicated loans to refinance its bank debt, according to a Monday filing with the Australian and New Zealand bourses.

The new banking syndicated includes ANZ (ASX:ANZ, NZE:ANZ), Bank of China (HKG:3988), Bank of Communications (HKG:3328, SHA:601328), China Construction Bank (HKG:0939, SHA:601939), HSBC (HKG:0005), Industrial and Commercial Bank of China (HKG:1398, SHA:601398), Kiwibank, and Rabobank, the filing stated.

The new facility comprises a NZ$160 million working capital facility, a NZ$205 million revolving credit facility, and a NZ$75 million term loan, according to the filing.

The facilities mature in 12 months from close, expected Oct. 1, and are subject to the a2 Milk (ASX:A2M, NZE:ATM) supporting Synlait's recapitalization, with shareholders to vote on Wednesday, the filing stated.

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