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FINWIRES

Synlait Milk Secures NZ$450 Million Refinancing Package, Changes Financial Year-End

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Synlait Milk (ASX:SM1, NZE:SML) signed documentation for a NZ$320 million bank refinancing with a syndicate of nine banks and a replacement NZ$130 million shareholder loan from Bright Dairy International Investment, according to an Australian bourse filing on Monday after market hours.

The refinancing comprises overdraft, revolving credit, and term loan facilities, subject to customary conditions, with key financial covenants relating to leverage, working capital, interest cover, shareholder funds and earnings before interest, taxes, depreciation, and amortization, per the filing.

The company expects to repay the existing Bright shareholder loan and draw down the replacement loan in early July, following the completion of the refinancing, the filing said.

Additionally, the company will change its financial year-end to Dec. 31 from July 31 to align with Bright Dairy, with a five-month transitional reporting period from Aug. 1 to Dec. 31 before adopting a calendar-year reporting cycle, the filing added.

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