Civmec redeems notes and replaces debt with loan financing

Chicago, Nov. 30 – Civmec Ltd. announced that it will redeem the company’s A$60 million of secured notes issued in November 2018 one year early, according to a press release.

The notes are optionally redeemable after two years.

With the notes becoming a current liability on Nov. 13 and in light of favorable market conditions, the group has elected to redeem the notes now.

The debt is being replaced with a commercial loan from NAB, resulting in an annual interest savings of around A$2.7 million.

Civmec is a Henderson, Western Australia-based shipbuilder. The issuing entity on the notes was subsidiary Civmec Holdings Pty Ltd.

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