The facilities consist of a $400 million term loan, a $100 million revolving working capital facility and a $115 million Guarantee and LC facility.

The restructured facilities which are being provided by seven banks, was arranged by Macquarie Bank Limited.

“The Company’s Board and management are very pleased with the outcome. The restructuring was completed within a short period and was over-subscribed. The restructured facilities provide greater financial flexibility and significantly improved pricing,” managing director Bob Cameron said.

The facility documentation was executed on December 13.