Financing Update concerning Macquarie Bank Limited
Financing Update concerning Macquarie Bank Limited The Agency Group Australia (ASX:AU1) (“The Agency” or “the Company”) is pleased to advise that, as a result of continued proactive engagement with its primary lender Macquarie Bank Limited (“MBL”), it has entered into an Amendment Deed (Amendment Deed) in respect its primary secured debt facility with MBL (“the Facility”). Pursuant to the terms of the Amendment Deed the Facility has been amended to, among other things:
- reduce the interest rate margin from 4.75% to 3.75%. (It is noted that the interest rate margin had previously been reduced from 8.50% p.a. to 4.75% p.a. on and from 1 April 2021).
- provide releases from both the Company and MBL in favour of five individuals named as personal guarantors of the Facility.
- provide for the Facility (subject to each party continuing to satisfy its obligations under the Facility) to end on 5 January 2023.
- introduce an interest cover ratio pursuant to which the Company’s EBITDA must be at least 3 times its interest expense. It is noted that the definition of interest expense does not include financial indebtedness owed by the Company to Peters Investments Pty Ltd, in accordance with the convertible notes issued on 15 May 2020 and 4 January 2021, respectively. The Company confirms that there are no other material changes to the terms of the Facility, other than those announced previously to the ASX or in its financial accounts. ENDS
If you require further information, please contact:
Investors Media The Agency Australia Ltd Chapter One Advisors Paul Niardone David Tasker / Colin Jacoby T: +61 08 9204 7955 T: +61 433 112 936 / +61 439 980 35