Australia-listed Donaco International Ltd has refinanced its US$20 million working capital facility that was announced on the ASX on June 23, 2015 and July 1, 2015.
According to a filing to the Australian Stock Exchange on Wednesday, the refinancing will save the company approximately $3.8 million in financing costs over the next two financial years, compared to the cost of repaying the facility in accordance with its original terms.
The refinancing is provided by Mega International Commercial Bank Co. Ltd of Taiwan.
Donaco says it has repaid $10 million of the original $100 million facility with Mega Bank in January 2016, and a further $15 million in July 2016.
The total outstanding debt remains unchanged at $95 million, which will be repaid in the remaining two year term of the Mega Bank facility, with a balloon payment in July 2018 of $35.8 million, said the company.