Fisher & Paykel announced on Friday that it has entered into a new interim bank funding facility worth $80 million, but the company is still yet to announce a cornerstone investor, despite various reports in the media.

According to Fisher & Paykel the agreement will help meet its temporary peak funding requirements as it continues to successfully implement its global manufacturing strategy.

In addition to the $80 million, the agreement also entitles the company to a waiver of the group’s debt cover ratio and interest cover ratio covenants as at 31 March 2009 for the term of the interim facility.

The total debt for the Appliances Group is projected to be approximately $570 million at 31 March 2009. The new interim facility has to be repaid on 30 April 2009 (or a later date if agreed by the parties).

Fisher and Paykel is expecting the refinancing of the total bank debt to occur by this time, and is currently working closely with its banking syndicate to mutually agree to terms.

The company is expecting to use the proceeds from the refinancing to pay the fee.

John Bongard, CEO of Fisher & Paykel, said “our relationship with our banking syndicate is such that we have been able to move quickly with them to establish this interim facility and a structure for ongoing discussions around a restructuring of all of the debt of the Appliances Group”.