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Myer Refinances Debt For “Significant Long Term Stability”

Myer has refinanced its debt, with a four-year asset-based loan built on a secured revolving credit, and term loan facility with JP Morgan and Gordon Brothers.

The facility size is set to a maximum of $215m, which reflects Myer’s successful capital management plan and cash flow.

“This is a strong vote of confidence in Myer’s strategic direction and achievements to date by the management team and board,” said Myer chief executive John King.

“Under the facility, we have further confidence and ability to execute on our growth plans, particularly to accelerate our online and loyalty initiatives and ultimately pay dividends to our shareholders as soon as it is prudent to do so.”

King told investors the four-year terms will provide “significant long term stability to Myer’s balance sheet.

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