PMP Limited today announced a new unsecured A$330m five year debt replacing its fully secured A$330m existing facility. The syndicate of banks includes ANZ, CBA, Toronto Dominion and Rabobank.
The new facility substantially reduces the margins paid by PMP and achieves improvements in all major bank covenants as well as releasing security over its assets, the company says in a statement.
PMP CEO, Brian Evans, says, "This new bank refinancing reflects the operational efficiencies, capital expenditure and cash flow management improvements over the last two years.
"This refinancing gives PMP the ability to achieve lower pricing at lower gearing levels."
PMP Limited is an ASX Top 200 listed company with over 3000 staff in locations across Australia and New Zealand, specialising in the areas of data-driven market and customer analytics, marketing advisory services, creative and photographic services, digital prepress, magazine, catalogue, directory, corporate and book printing, and letterbox and magazine distribution.
These activities are undertaken through Pacific Micromarketing, PMP Micromarketing, PMP Digital, PMP Print, PMP Distribution, Gordon and Gotch and Griffin Press companies.
PMP is Australasia's largest commercial printer, producing over 3.1bn catalogues, 32m books, 42m directories and 79 magazine titles each year.
PMP is also Australasia's largest letterbox distributor, delivering twice weekly to over 6.4m letterboxes across Australia and New Zealand.
