Monday 2nd July 2012 |
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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
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