EROAD completes refinancing of debt facilities

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Market Release
1 April 2020

EROAD completes refinancing of debt facilities
EROAD has completed the previously signalled refinancing of its debt facilities and has entered into a new
syndicated three-year debt facility with Bank of New Zealand and China Construction Bank. Total committed
syndicated facilities amount to $60.0 million which includes $36.1 million of term debt, relating largely to
refinanced debt, a new $20.0 million capital expenditure facility and a $3.9 million working capital facility.
EROAD’s CEO Steven Newman commented that "the new syndicate structure enables additional banking
partners to support the business. The growth facility and amortisation profile will also further support
EROAD’s organic growth."
The new $20.0 million capital expenditure facility is for the purpose of funding future growth capital
requirements. In addition, amounts drawn under previous facilities, including the Committed Cash Advance
and Term Debt facilities have been refinanced into new term debt facilities. Amounts drawn under existing
facilities on the date of refinancing amounted to $34.7 million, with an additional $1.4m available for general
corporate purposes. Total term debt facilities amount to $36.1m, of which $16.1 million is an interest only
term facility, and $16.0 million is an amortising term debt facility with a $5.0 million per annum amortisation
profile. Quarterly amortisation on this facility will commence from December 2020. The facility agreement
includes the ability for additional syndication partners to be added during the term of the agreement, with
potential to increase total facilities up to $66.0 million.
Ends
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Alex Ball
Chief Financial Officer
ph: +64 29 772 5631

alex.ball@eroad.com

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Sue-Ellen Craig
Director of Communications
ph: +64 21 577 685

sueellen.craig@eroad.com