Seven West Media has refinanced debt facilities at a cheaper rate.
The new facility delivers lower cost of funding, more flexible terms and maturity extended to October 2024.
The company says: "The debt refinancing marks an important milestone in the company’s transformation and reflects the significant achievements at SWM over the past 24 months."
Seven West Media has been taking a large axe to debt, a move applauded by market analysts. Net debt is down by 57% to $240 million.
The new facility funding costs are 2.25% above BBSY (Bank Bill Swap Bid Rate), or about half that of the previous rate.
In August, Seven West Media reported a 240% increase to $125.5 million in underlying net profit after tax for the year to June.
Statutory net profit after income tax was $318 million on group revenue of $1.276 billion, up 3.5% on the previous year.
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