Seven refinances debt

Seven West Media has refinanced its syndicated debt facility at a cheaper rate, to October 2024.

In a statement Seven said, “The debt refinancing marks an important milestone in the company’s transformation and reflects the significant achievements at SWM over the past 24 months, including the reduction in net debt by 57% to $240 million and an improvement in the balance sheet position, with the leverage ratio below 1x at the end of the 2021 financial year.

“The new facility funding costs are at 2.25% above BBSY, which is half the funding costs under the previous facility. The new facility is also revolving, which will require SWM to hold less cash on balance sheet, further reducing interest costs.”

Under CEO James Warburton Seven has been driving down debt by 57% to $240 million.