To boost business confidence.
Myer has completed the refinancing of its bank facility, extending the maturity until February 2021, after it signed a binding term sheet on 12 September.
Myer chief financial officer, Nigel Chadwick said, “The refinancing ensures ample liquidity, relaxed covenant conditions and a stable financial platform to improve the financial performance of the business.”
Myer chairman, Garry Hounsell added, “This is a strong vote of confidence in Myer’s board, its skilled executive team and importantly, our customer first plan.
“Under the facility, we have further confidence and ability to set our strategic direction including paying dividends when we meet financial covenants and it is prudent to do so, and market standard security which allows Myer to trade its business as normal.”