Allied Electronics: Debt refinanced to the tune of R3.6bn

Altron Finance (Alfin), a subsidiary of JSE-listed Allied Electronics (Altron), had raised R3.6 billion in senior unsecured term facilities from a consortium of South African banks and institutions to refinance the group’s term debt, Altron said yesterday. The refinancing included a R1.6bn debt incurred for the buyout of Altech minorities in August last year, shortly before Altech was delisted. Altron said the facilities comprised loans of R3.1bn maturing over the next three to five years, which were priced at 210 basis points above the Johannesburg interbank agreed rate. The remaining R500m comprised revolving credit facilities. Altron would subordinate, in favour of the lenders, certain of its claims against Alfin. Shares in Altron gained 1.63 percent to close at R24.39 on the JSE yesterday. – Asha Speckman