NAB providing up to $122,500,000 of secured term debt. Should be implemented by end of March 2025.
The new facility is broken into:
- a replacement term debt facility
- a new acquisition facility and
- a bank guarantee facility.
The implied rate will drop from 15% for the existing ADT Acquisition facility to approx. ~7%.
This will result in a >$6.5m p.a. reduction in interest expense.
Post refinancing, IMG expects a pro forma Gross Debt to EBITDA ratio of ~2.2x versus a covenant ratio of <3.25x for the facility term.