FIIG - The Fixed Income Experts
Case Study - NRW Holdings

Case Study - NRW Holdings

Issue Date

December 2016

Amount

$70million

Maturity

19 December 2020

Term

4 years, callable after year 2

Coupon

7.50%

About the Issuer

NRW is a diversified provider of contract services to the resources and infrastructure sectors both in Australia and internationally. These services encompass civil expertise such as bulk earthworks and concrete installation, contract mining works and drill and blast. NRW also provides a refurbishment and rebuild service for both earthmoving equipment and machinery. NRW was established in Western Australia in 1994, and is currently listed on the Australian Stock Exchange.

The issuer need

In June 2016, NRW had announced a debt rescheduling with its existing financiers, in an effort align the repayment with operating cash flow and facilitate full debt repayment in December 2018. NRW was looking to simplify its debt structure (the existing secured facilities were held with 4 separate institutions) and enable NRW to continue its growth strategy with fewer restrictions.

The FIIG solution

FIIG was able to raise a $70m Secured Amortising Note for NRW, allowing a full refinance of the existing facilities. The Notes had the same equipment security as the financiers being replaced, however provided longer tenor, less upfront amortisation and the ability to incur further debt (subject to certain conditions). The new financing structure allows for NRW to reinvest excess cash flow for growth.

Client testimonial

NRW CEO Jules Pemberton said, “The Note structure more appropriately aligns our debt repayments to current earnings and provides significant additional flexibility to support growth opportunities. With a longer term to repay the Notes, around $20m additional free cash flow will be generated on an annualised basis compared to our current repayment obligations”

Erryn Lloyd-Jones - Head of Debt Capital Markets, Private Debt
Erryn Lloyd-Jones
Head of Debt Capital Markets

(02) 9697 8778
Erryn.Lloyd-Jones@fiig.com.au

A proven track record of opening the Australian bond markets

FIIG has a proven track record of opening the Australian bond markets, having raised over $2.8bn of predominantly unrated bond funding across more than 70 issues.

The Debt Capital Markets team arranges long term, AUD bond financing for rated and unrated Australian and New Zealand corporates. Our funding solutions enable mid-market corporates and large private companies to diversify their funding options and optimise their capital structures.

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If you would like to learn more about how FIIG can assist in the growth of your business...

  Contact Erryn Lloyd-Jones on
(02) 9697 8778

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