Brief: Refining NZ Says Lenders Granted Their Consent For Co To Transition To An Import Terminal

Channel Infrastructure NZ

19/08/2021 02:21

Aug 19 (Reuters) - New Zealand Refining Company Ltd
 NZR.NZ :
    * REFINING NZ - LENDERS GRANTED THEIR CONSENT FOR CO TO
TRANSITION
TO AND OPERATE AS AN IMPORT TERMINAL
    * REFINING NZ -  LENDERS HAVE ALSO AGREED TO EXTEND AND
INCREASE
COMPANY'S DEBT FACILITIES TO FUND CONVERSION COSTS
    * REFINING- EXTENSION AND INCREASE IN DEBT COMPRISE
EXTENSION OF
NZ$25 MILLION FACILITY MATURING IN SEPTEMBER 2021 TO MARCH 2023
    * REFINING NZ - CONFIRMED WITH ITS BANKS THAT NO DIVIDENDS
WILL BE
PAID BEFORE DECEMBER 2022
    * REFINING NZ - TWO NEW FACILITIES OF NZ$15 MILLION EACH
HAVE BEEN
ADDED, WITH MATURITIES OF DECEMBER 2022 AND MARCH 2023
    * REFINING NZ - DIVIDENDS WILL NOT BE PAID UNTIL CO'S NET
DEBT TO
EBITDA IS BELOW 4.5X

Further company coverage:  NZR.NZ 

 ((Reuters.Briefs@thomsonreuters.com;))