AUS: Australian Vintage extends bank debt term
Australian Vintage, producer of McGuigan Wines, has extended its bank debt facility.
The wine group said yesterday (22 December) that, following dicsussions announced in August, it has formally extended its bank debt facility until August 2011.
Australian Vintage CEO Dane Hudson said that the deal "will provide further resources to continue to grow exports and drive branded wine sales".
Rules surrounding the deal mean that the group will have to repay debt "in the event of equity raisings or the disposal of assets in certain circumstances".
Australian Vintage is widely expected to complete a joint venture deal in Australia with Constellation Brands in 2010. Earlier this month, the two firms filed for regulatory clearance to merge parts of their businesses.
In August, Australian Vintage reported that restructuring costs had dragged it to net losses for its fiscal full-year.
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