Altron refinances debt from Altech acquisition

Altron Finance Proprietary Limited (Alfin), a wholly owned subsidiary of Allied Electronics (Altron), has concluded the refinancing of all of the Altron group’s term indebtedness.

Altron said it has raised R3.6 billion of senior unsecured term facilities from a consortium of South African lenders, comprising both banks and institutions.

“This exercise has, among others, refinanced the R1.6 billion of debt used to support the acquisition of the Altech minorities during August 2013, as well as the group’s other term facilities,” it said in a note on SENS.

In terms of the facilities, R3.1 billion comprises loans with a maturity of between three and
five years. The remaining R500 million comprises revolving credit facilities.

The maturity structures are aligned with the board´s strategy of deleveraging the group over the short to medium term, Altron said.

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Altron refinances debt from Altech acquisition