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Donaco pays down US$8.5 million in debt as part of loan refinancing deal

Newsdesk by Newsdesk
Mon 24 Jun 2019 at 13:52
Donaco pays down US$8.5 million in debt as part of loan refinancing deal

Star Vegas in Poipet, Cambodia

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Donaco International Limited has brought forward a US$8.55 million loan repayment due in August as part of a refinancing and restructure of its existing term loan facility with Mega International Commercial Bank of Taiwan.

Donaco said it has now reduced the outstanding amount to US$22.8 million after repaying US$4 million in April 2019 and another US$4.55 million this month. The combined total wasn’t due until August 2019.

As a result, the company’s next repayment date has been reduced to US$5 million due in December 2019 followed by further US$5 million repayments in June and December of 2020 and a final US$7.8 million repayment in June 2021.

Some loan covenants have also been relaxed, including a minimum cash requirement across the Donaco group of AU$15 million in June and December 2019 and AU$20 million in June and December 2020.

There have been no changes made to restrictions on dividends and buybacks, which are restricted to 100% of reported statutory net profit after tax for each financial year, however, Donaco said it expects to record a net loss in FY19 due to an AU$38.2 million impairment charge recorded against its Cambodian casino license for Star Vegas in Poipet in 1H19. As a result, no dividends or buy backs will be permitted in FY20.

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The IAG Newsdesk team comprises some of the most experienced journalists in the Asian gaming industry. Offering a broad range of expertise, their decades of combined know-how spans multiple countries across a variety of topics.

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