Investment Matters

Company news: Ausenco

Ausenco made an announcement in relation to the refinancing of its debt, and its operational outlook.  In relation to the latter, revenues for FY-15 (for Ausenco FY = CY), unaudited, will be between $245m and $255m, with FY-16 revenues forecast to be between $280m and $300m.   Supporting this projected revenue growth is work on-hand at the start of this year at $205m.  The company also advised that largely as a consequence of weak oil and gas markets, and adverse economic conditions in Brazil and Argentina, a non-cash writedown of $53 to $62m will be taken in FY-16.

Resource Capital Fund (RCF), an equity investor in Ausenco, has provided a US$6.5m convertible debt facility, along with a US$10m bonding facility (bonding is a project financial warrantee).  Having such a facility is key to allowing Ausenco win new work.  

Finally, the refinance of the company's core debt (currently with a major bank) has been put on hold for six months, with the prospect of refinancing it with RCF.