• Refinanced debt facilities increased to $750 million (from $650 million)
• New debt facilities have improved margins and greater flexibility
• Supported by major Australian and NZ lenders including CBA, HSBC, NAB and Westpac

EVT Ltd has announced that the Group has successfully completed a refinancing, increasing the main debt facilities to $750 million (from $650 million previously). The combination of the Group's non-core asset divestment programme and new debt facility provides greater flexibility as the Group continues to transform the earnings profile towards the Hotel sector. The three-year debt facilities consist of a $750 million revolving multi-currency loan arrangement and a $15 million credit support facility, on comparatively better margins. Debt drawn under the new loan facilities bears interest at the relevant benchmark reference rate plus a margin range of between 1.25% and 2.00% per annum (2023 facility: margin range of 1.50% and 3.15%). The relevant margin is based upon a leverage ratio grid arrangement and, under the current leverage ratio, the Group anticipates a current weighted average margin of ~1.59%. The debt facilities are supported by interlocking guarantees from most Australian and New Zealand-domiciled Group entities and secured by specific property mortgages against 14 of the 34 Group properties (independent market valuation of ~$1,100 million). Each of the Group's current lenders, including Commonwealth Bank of Australia, HSBC, National Australia Bank and Westpac Banking Corporation, have demonstrated strong support for the Group and have all actively participated in the refinancing process.