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AUS: Lion Nathan secures funding

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Lion Nathan has secured debt funding, with a weighted average maturity of over four years, to refinance existing debt facilities.

The trans-Tazman company said it had secured A$450m (US$400.7m) of new funding, which is "well in excess" of its funding requirement "at very attractive pricing" from within its existing banking group.

Lion Nathan CFO Jamie Tomlinson said: "Given the current volatility in financial markets, it is very pleasing to be able to arrange this funding from within our existing banking group. Lion Nathan prides itself on its resilient earnings and cash flow and successfully arranging this funding once again demonstrates the strength and attractiveness of our business."

The funding is set to refinance a recent bridge facility which was used to fund its $325m acquisition of J Boag & Son, as well as finance a $60m scheduled partial maturity of its US private placement facility next month.

The facility will also enable the company to finance its new brewery in Auckland, New Zealand, the company said.

"The funding has three, four and five year maturities and was completed using existing banking agreements with no new conditions or covenants. Lion Nathan has no further term debt maturities until December," Lion Nathan added.


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