23.09.2013

Coates to refinance

The owners of Australia’s Coates Hire - Carlyle and Seven group - are to refinance around A$1.8 billion ($1.7 billion) of debt related to Coates Hire, after failing to find a buyer willing to pay a satisfactory price for the company.

The two appointed advisers in November to look into a trade sale or IPO - click here to see Coates on the Block.

A statement from Carlyle claims that the vast majority of its current lending syndicate have already agreed to extend the facility to September 2017 and are therefore optimistic of completing the funding shortly.

Carlyle and Seven acquired Coates in 2008 in a A$2.9 billion ($2.7 billion) deal and each own around 46 percent of the business. The company operates from 200 locations across Australia and had revenues of A$1.3 billion ($1.2 billion)