Crown refinances us$ 1 billion of debt
The funding agreements with the banks gave Crown about us$ 708 million in Australian dollar denominated facilities and us$ 355 million denominated facilities with terms of two to five years.
"The outcome of the refinance is that Crown’s next major refinancing is not due until financial year 2012 (or in late calendar 2011)," Crown said. "The impact of the higher margins associated with the refinancing has been more than offset by a reduction in the base reference rate."
Crown currently has net Australian dollar denominated floating rate debt of about us$ 180 million. It also has about us$ 1 billion in US debt related to the pending settlement of the Cannery acquisition in the US.
When that deal settled, Crown will have about us$ 900 million in US dollar debt.
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