Michael Hill secures refinanced debt facility with improved margins

Michael Hill International Limited announced the successful refinancing of its debt facility on improved margins, extending the term by an additional two years to 31 August 2028. The refinancing is subject to customary conditions precedent.

The facility continues to be funded by Australia and New Zealand Banking Group Limited and ANZ Bank New Zealand Limited, with the addition of Commonwealth Bank of Australia Limited as a new lender. The facility maintains a $90m core facility and a $20m seasonal uplift for four months annually starting September 15.

The terms of the facility include typical provisions for repayment, financial covenants, guarantee provisions, and other standard conditions for transactions of this nature. Each subsidiary of Michael Hill International Limited guarantees the company's obligations under the facility.