Calibre executes senior debt and equity raise for $101.5m

Calibre Group Limited (“Calibre”) announces today that it has reached a significant milestone in the refinancing of its capital structure. The company has signed a new $96.5 million four-year senior financing facility with National Australia Bank Limited ("NAB") and Bankwest.

This debt and bank guarantee facility is to operate in conjunction with Calibre’s existing surety lines to provide Calibre the key elements of the funding platform for the growth of the business. 

In conjunction with this facility, Calibre has issued 33.3 million cumulative redeemable convertible preference shares raising $5 million. The preference shares, redeemable on a tiered fixed ratio at Calibre’s option, are convertible into ordinary shares after three years.  

The preference shares are paying a cumulative 11.2% yield, with the distribution convertible at the holder’s option into cash or ordinary shares. The preference shares, issued on market terms, have been issued to a number of subscribers, including 45% to a related party of Graham Smith, an existing director and shareholder of Calibre.

With terms of both the equity and senior debt facilities agreed, Calibre will draw on the new senior facility when terms of additional $30 million junior facility are finalised. NAB has been appointed as arranger of the senior and junior debt facilities, with the combined facilities to underpin Calibre’s growing working capital requirements.

Mr Massey, Calibre’s Managing Director, stated “With an increasingly diverse revenue and sector focus, Calibre is forecasting 50% of next year’s revenues to be from the urban development, built environment and utilities markets. 

“We have completed a successful restructure of our business, and Calibre is well placed to service new and existing clients and meaningfully expand our business along Australia’s eastern coast as infrastructure expansion and urbanisation of key markets continues. 

“With significant revenue growth forecast into FY2018 and a record order book of over $1.1bn, Calibre is also experiencing renewed growth in its resources related markets, both in iron ore in Western Australia and coal in Queensland. 

“On behalf of the Board, I would like to thank both banks for their continuing support. NAB and Bankwest’s on-going role is reflective of the deep understanding they have of Calibre’s business and its future growth potential.”

ENDS

INVESTOR & MEDIA CONTACT:
Craig Allen
Group Chief Financial Officer 
Calibre Group Limited 
enquiries@calibregroup.com | +61 422 009 143

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