SCA refinances debt

Chris Pash
By Chris Pash | 9 December 2021
Credit: Mostafa Meraji on Unsplash.

SCA has refinanced its debt facilities, extending to January 2026 and giving the broadcaster financial flexibility to fund growth.

Its syndicated debt facility comprises a four-year revolving $250 million facility and will be used to repay the existing drawn debt of $128 million.

The financing has been provided by five banks: Australia and New Zealand Banking Group Limited, National Australia Bank Limited, Westpac Banking Corporation, Mizuho Bank Ltd and Sumitomo Mitsui Banking Corporation.

SCA CFO Nick McKechnie: “We are extremely pleased with the new facilities which provide funding certainty for the next four years and flexibility to grow the business.

"The transaction reflects the confidence of the banking group in our strong cash generation and in the quality asset base of SCA.

"We are delighted to have the continuing support of four lenders and welcome Westpac Banking Corporation into the syndicate.”

The refinancing will be formally completed January 10.

In the year to June, SCA posted a 91.6% rise to $48.1 million in net profit after tax. Revenue for the 12 months was 2.2% lower at $529.1 million but cost cutting shaved expenses by $29.4 million to $403.2 million. 

The recovery in media markets delivered a 16% improvement in group revenue in the second half. 

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