Navitas gets more debt firepower

Education provider Navitas has increased its debt facilities by $125 million to pave the way for future investments and initiatives.

The Perth-based company said it had completed the refinancing of its debt facilities to $400 million through a series of five-year loans with a number of foreign and domestic banks.

“Navitas’ lenders recognised the considerable improvement in the scale and credit standing of the group, which underpinned a greater than 30 per cent reduction in borrowing margins and the implementation of highly flexible terms and conditions,” the company said in a statement.

Chief financial officer Bryce Houghton said the outcome supported existing banking relationships while also diversifying with the addition of a new banking partner.

 “The establishment of the new facilities provides Navitas with significant capital management flexibility and will support Navitas in realising its medium to long term growth opportunities,” Mr Houghton said.

Grand Samuel advised Navitas in the refinancing.

Shares in Navitas were 3.47 per cent higher at $5.07 per share at the close of trade.