📋 Tender Overview
CIMIC Group has successfully refinanced its core working capital cash facility as part of its longterm financing strategy. The new syndicated bank facility is for 1.9 billion split equally across two tranches of four and five years. It replaces an existing tranche in CIMICs current facility which matures in September 2020 as well as some maturing US dollar debt. CIMIC Group Chief Executive Officer Michael Wright said The successful refinancing reflects CIMICs credit strength leading market position and strong partnership with our relationship banks. The new facility provides financial flexibility builds on our strong liquidity position and supports our pursuit of strategic capital allocation opportunities. Earlier this year Moodys Investors Service and Standard Poors confirmed CIMIC Groups strong investment grade credit rating of Baa2 and BBBA-2 respectively.
