Sharechat Logo

Pacific Brands repays A$15m, extends A$175m facility

Monday 2nd July 2012

Text too small?

Struggling clothing, footwear and homewares company Pacific Brands said it has extended its A$175 securitisation facility and repaid A$25 million of term debt.

The Australia-based company, which owns the Stubbies, Berlei, Bonds, Dunlop and Sheridan brands among others, said the securitisation facility had been due to expire on May 24, 2013 but has now been extended to July 31, 2015.

“The repayment of debt reflects continuing strong operating cash flow and follows completion of the sale of the Kingsgrove, New South Wales, and Coolaroo, Victoria, surplus properties,” Pacific Brands said.

The A$25 million repayment reduces the limit of Tranche Two of the company's syndicated debt facility from A$175 million to A$150 million, it said. In February, Pacific Brands reported a A$362.4 million first-half net loss, a 19.6 percent drop in sales and warned second-half underlying sales would also be down.

In May, it said both annual operating and net profit before one-off losses and write-downs would be “materially down.” While dual-listed in Australia and New Zealand, Pacific Brands trades mostly on the ASX where they are half a cent higher at 50.5 Australian cents.

That's up from their low at 46.5 Australian cents late last month which was their lowest level since March 2009. The shares have been trending lower since hitting A$1.52 in October 2009.

BusinessDesk.co.nz



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

SML - Synlait Milk Limited - Trading Halt of Securities
AIA - Auckland Airport announces board chair changes
AIA - Auckland Airport announces board chair changes
CEN - Tauhara commissioning progress update
FPH initiates voluntary limited recall
March 28th Morning Report
KFL Celebrates 20 Years of Excellence in Investment Mgmt.
SVR - Savor FY24 Earnings Guidance & Change in Banking Partner
NZK - NZ King Salmon Investments Limited FY24 Results
March 27th Morning Report