Downer completes $500 million financing

DOWNER COMPLETES $500 MILLION FINANCING Downer EDI Limited (Downer) announced today it had entered into a new $500m Syndicated Bank Facility. The new facility, provided by four of Downer's long term relationship banks, is a committed revolving facility with a scheduled maturity date of July 2022. The new facility will refinance Downer's $200m Syndicated Bank Facility maturing in April 2021 and provide additional liquidity of $300 million. In addition, the Group has reached agreement with its lenders to extend the maturity date of $130 million of bilateral debt facilities that were maturing in the next 12 months to the 2022 and 2023 financial years. As a result, Downer now has no debt maturing in the 2020 financial year or in the first half of the 2021 financial year. Debt maturing in the second half of the 2021 financial year is now less than $200 million, or just 6% of Downer's total debt portfolio. The Chief Financial Officer of Downer, Michael Ferguson, said the new financing reduced Downer's short term debt maturities and provided additional liquidity. "Downer appreciates the support from its long term relationship banks in providing the new facility," Mr Ferguson said. "It will further bolster the Group's strong liquidity position and enhance the financial strength and flexibility of the Downer Group." At 31 December 2019, Downer reported cash of $515 million and committed undrawn facilities of $1.14 billion. Downer Group is rated BBB (Stable) by Fitch Ratings. For further information please contact: Michael Sharp, Group Head of Corporate Affairs and Investor Relations +612 439 470145 End CA:00351890 For:DOW Type:GENERAL Time:2020-04-20 10:20:47