AUS: Foster's Group approves US$500m debt facility
Foster's Group has approved a US$500m debt facility, secured thanks to strong support from Asian banks.
The three-year syndicated debt facility will be used for corporate spending and to maintain liquidity, the board of Foster's said today (30 July).
An initial $US300m facility was more than two times oversubscribed and increased to $US500m following a review of commitments from Asian banks, said the firm.
Angus McKay, CFO of the Australian beer and wine giant, praised the "excellent support" for the firm from Asian banks.
"While Foster's retains substantial existing un-drawn facilities, this raising ensures we maintain a strong and diversified medium term committed liquidity position for the group," McKay said.
Foster's received a boost earlier this month when a notoriously critical analyst raised his rating on the group to "buy" for the first time in four years.
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