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Ausdrill refinances $300 million revolving credit facilities with lower interest rate

The renewed credit lines will support future growth opportunities in both new and complementary markets.
Ausdrill refinances $300 million revolving credit facilities with lower interest rate
Ausdrill is a diversified mining services company with operations across Australia, Africa, India and the UK

Ausdrill Limited (ASX:ASL) has successfully refinanced its revolving credit facilities, maintaining an aggregate limit of $300 million with the term extended by about four years.

Notably, the agreed interest rate is lower than under the existing facilities, demonstrating Ausdrill’s enhanced credit profile and ongoing support shown by the mining services company’s financiers.

The new facilities are provided on a bilateral basis by HSBC, Standard Chartered Bank, Nedbank, Caterpillar Finance, Deutsche Bank and Goldman Sachs.

Capitalising on growth opportunities in line with strategy

Ausdrill chief financial officer Peter Bryant said the facilities provided Ausdrill with flexibility to capitalise on growth opportunities in new markets where Ausdrill has a competitive edge or by expansion into adjacent services that complement its existing portfolio.

Bryant said: “We are delighted to have secured strong support for our refinancing with an extended term and a notable reduction to the interest rate that had applied under the previous revolving credit facilities.

“This refinancing ensures the company maintains significant headroom and flexibility to support growth opportunities in line with our strategy for the new Ausdrill group.”

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