Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Airwork refinances, expands bank debt facility

Airwork refinances, expands bank debt facility

By Jonathan Underhill

Aug. 1 (BusinessDesk) - Airwork Holdings, the aircraft services business that's 75 percent-owned by China's Zhejiang Rifa Holding Group, has refinanced and increased its bank debt facility.

The new syndicated debt facility of US$195 million replaces the existing facilities of US$135 million, the Auckland-based company said in a statement. The new facility would allow Airwork to identify further business opportunities, it said.

The syndicate is made up of Commonwealth Bank of Australia, its existing funder, Bank of New Zealand, Industrial and Commercial Bank of China, and Bank of China, who will provide multi-currency cash advances, overdraft, bank guarantee, and amortising facilities, with terms of up to four years.

The overall margins remain consistent with Airwork’s existing funding arrangements, it said, without giving details. In 2016, it paid 3.71 percent annual interest on its NZ dollar loans and 2.84 percent on its US dollar loans under its multi-currency cash advances facility.

Airwork shares last traded at $4.37 and have declined 2.9 percent in the past 12 months.



© Scoop Media

Business Headlines | Sci-Tech Headlines


By May 2018: Wider, Earlier Microbead Ban

The sale and manufacture of wash-off products containing plastic microbeads will be banned in New Zealand earlier than previously expected, Associate Environment Minister Scott Simpson announced today. More>>


Snail-ier Mail: NZ Post To Ditch FastPost

New Zealand Post customers will see a change to how they can send priority mail from 1 January 2018. The FastPost service will no longer be available from this date. More>>


Property Institute: English Backs Of Debt To Income Plan

Property Institute of New Zealand Chief Executive Ashley Church is applauding today’s decision, by Prime Minister Bill English, to take Debt-to-income ratios off the table as a tool available to the Reserve Bank. More>>


Divesting: NZ Super Fund Shifts Passive Equities To Low-Carbon

The NZ$35 billion NZ Super Fund’s NZ$14 billion global passive equity portfolio, 40% of the overall Fund, is now low-carbon, the Guardians of New Zealand Superannuation announced today. More>>


Split Decision - Appeal Planned: EPA Allows Taranaki Bight Seabed Mine

The Decision-making Committee, appointed by the Board of the Environmental Protection Authority to decide a marine consent application by Trans-Tasman Resources Ltd, has granted consent, subject to conditions, for the company to mine iron sands off the South Taranaki Bight. More>>