Broadcaster refinances

Southern Cross Media has recently reached a deal with lenders to refinance $765 million of debt, aiming to reduce its gearing.

The company is refinancing its debt to bring down its gearing, which is a measure of financial leverage.

The new five-year debt facility includes improved commercial terms and financial covenants, which are beneficial for Southern Cross Media.

The debt facility is being funded by ANZ, NAB, Commonwealth Bank, and Japanese banks Sumitomo and Mizuho.

The term for the new debt facility is five years.

Improved commercial terms can lead to better financial conditions for the borrower, such as lower interest rates or more favorable repayment schedules.

Reducing gearing means lowering the company's financial leverage, which can decrease financial risk and improve financial stability.

The Japanese banks involved in the refinancing deal are Sumitomo and Mizuho.