WATPAC SECURES ENHANCED BANK GUARANTEE FACILITY

Written on the 16 October 2014

WATPAC SECURES ENHANCED BANK GUARANTEE FACILITY WATPAC Limited (ASX: WTP) has secured an increase in its bank guarantee facility to $100 million, better equipping the company for a construction pickup.

The additional $20 million facility is a 25 per cent increase on WTP’s previous facility limited of $80 million and will form part of WTP’s syndicated banking arrangements with ANZ, HSBC, BNP Paribas and Bank of Queensland.

Managing director Martin Monro (pictured) says the expansion is all part of the company’s long-term operational plans.

“We have substantial capacity to grow our workbook across all of the group’s business operations and regions, particularly in contracting, and this enhanced banking arrangement is an endorsement of our efforts to continue to deliver quality outcomes for our clients,” says Monro.

“With almost $2 billion of work in hand across the company’s contracting businesses, the facility will allow Watpac to continue to pursue new project opportunities across the country.”

WTP CFO Mark Baker says the timing of the announcement is testament to the company’s financial strength.

“This facility increase amends the existing three year syndicated banking arrangement finalised in May this year, which also includes a $25 million revolving credit facility,” says Baker.

“Achieving this enhanced limit so soon after reaching financial close on our new syndicated facility is a testament to our keen focus on financial strength and improving shareholder returns.”

WTP is currently delivering a range of projects across Australia including the $114 million Southpoint Office Tower in Brisbane and the $47 million stage one of the new Mater Private Hospital in Springfield.




Latest News

1700 BRISBANE APARTMENTS NOW MANAGED BY FORTUNE 500 COMPANY JLL

MULTINATIONAL and Fortune 500 company JLL (NYSE: JLL) has expanded its Australian dominance in the property managemen...

HARVEY NORMAN HITS OUT AT 'FALSE NEWS' OF ASIC INVESTIGATION

RETAIL giant Harvey Norman (ASX: HVN) has vehemently rejected reports its accounts are under investigation by ASIC, s...

RARE GOOD NEWS FOR SLATER AND GORDON AS ASIC CLOSES INVESTIGATION

ASIC has cleared Slater and Gordon of deliberately falsifying its accounts after a three-month investigation.

It s...

Q & A WITH FACEBOOK GURU ANDY MCKEON AS HE JOINS AUSTRALIAN SOFTWARE COMPANY LIVETILES

HE was creative director at Apple under the legendary Steve Jobs, and is now a senior Facebook executive. In his n...

Related News

RAY OF HOPE FOR SLATER AND GORDON AS LENDERS STEP IN

EMBATTLED law firm Slater and Gordon (ASX: SGH) has announced to the ASX that it has launched confidential discussion...

SPROUTX PROVIDES THE SEED FOR AGTECH STARTUPS

AGTECH innovation fund SproutX has opened applications for its first accelerator round, backed by $10 million from...

GAS PRICES MAY FORCE BRICKWORKS TO TAKE MANUFACTURING OVERSEAS

BRICKWORKS Limited (ASX:BKW) chairman Robert Millner says soaring energy prices may force the company to turn to offs...

CHINA CONTINUES TO COLLECT AUSSIE PROPERTY ASSETS

CHINESE coin continues to dominate Australia's offshore real estate investment market, accounting for almost h...

EVENTS COMING UP

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter