F & P Appliances extends $80m debt repayment date

Fisher & Paykel's banks have agreed to extend its debt facility. Photo / Richard Robinson

Fisher & Paykel Appliances' banking syndicate has agreed to extend the date for repayment of the company's $80 million interim bank funding facility to May 29.

The facility, announced in mid-March to meet Appliances' immediate funding needs, had been due to be repaid on Thursday.

Today Appliances managing director John Bongard said the company continued to work closely with its banking syndicate with the aim of refinancing its total bank debt by May 29.

That would be subject to Appliances and its banks being able to mutually agree terms.

"The company's expectation is that the interim funding facility will be repaid from the proceeds of that refinancing," Mr Bongard said.

Apart from the date extension, all other terms of the interim funding facility were unchanged.

The agreement included a waiver of Appliances' debt cover ratio and interest cover ratio covenants for the term of the facility.

Previously the company said its debt was projected to be about $570m at the end of March.

Appliances shares were up 1c to 45c after the market had been opened about 30 minutes, having fallen from $2.75 a year ago and reaching a low of 36c a month ago.

- NZPA