Electricity distribution business Spark Infrastructure Group
(ASX:SKI) says it has secured $250 million in refinancing.
The new facility will be mainly used to repay Spark’s existing $225 million debt maturity due this December, and comprises of a three-year revolving facility of $165 million and a four-year term loan of $85 million.
Spark currently holds two undrawn working capital facilities of $50 million each which will mature next month and in November 2011.
Both will be cancelled as part of the new arrangements.
After the completion of refinancing, Spark says it will have no debt maturities until September 2013.
Spark Infrastructure Group posted a profit $53.64 million for the six months to 30 June 2010
