Australia: Lion Nathan finalises advantageous A$600 million Multi-Currency Revolving Credit Facility

Lion Nathan Group announced on December 22 it has finalised a A$600 million Multi-Currency Revolving Credit Facility following a successful tender to a select number of domestic and international banks.

The Facility, which was arranged by Australia and New Zealand Banking Group Limited (“ANZ Investment Bank”) and Westpac Banking Corporation (“Westpac Institutional Bank”), received overwhelming support from the banks invited to tender.

The Facility is structured as a three- and five-year unsecured Facility with drawdown availability in both Australia and New Zealand. The Facility was very competitively priced with draw-downs attracting a weighted average margin of approximately 36 basis points over the relevant bank bill swap rate. Seven of the banks which participated in the tender have been selected. They include Australia and New Zealand Banking Group Limited, BNP Paribas, Bank of Tokyo-Mitsubishi, Commonwealth Bank of Australia, National Australia Bank Limited, TD Securities and Westpac Banking Corporation.

Lion Nathan Chief Financial Officer Jamie Tomlinson said: “This is a fantastic result for Lion Nathan. The banks’ response to the tender demonstrates their confidence in the strength of our business and financial performance. We would like to extend our thanks to all those banks who participated in the deal and to our advisors, ANZ, Westpac and Mallesons.”

The Facility will constitute a material portion of Lion Nathan Group’s debt financing. Proceeds of the Facility will be used to refinance existing debt and for general Group corporate purposes.