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\u00a0indebtedness.<\/p>\n
Altron said it has\u00a0raised R3.6 billion of senior unsecured term facilities\u00a0from a consortium of South African lenders, comprising both banks and institutions.<\/p>\n
“This exercise has, among others, refinanced the R1.6 billion of debt used to\u00a0support the acquisition of the Altech minorities during August 2013, as well as the group’s\u00a0other term facilities,” it said in a note on SENS.<\/p>\n
In terms of the facilities, R3.1 billion comprises loans with a maturity of between three and
\nfive years. The remaining R500\u00a0million comprises revolving credit facilities.<\/p>\n
The maturity structures are aligned with the\u00a0board\u00b4s strategy of deleveraging the group over the short to medium term, Altron said.<\/p>\n
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