Debt Investors

Overview

FY25
Long Term Credit Rating – Perenti GroupS&PBB+ (Stable)
Moody’sBa1 (Stable)
FitchBB+ (Stable)
 
Gross DebtA$m786.0
Cash and cash equivalentA$m481.3
Net DebtA$m304.7
 
EquityA$m1,869.1
Net Gearing%14%
 
EBITDAA$m668.2
Net Interest Coverx9.5
Net Leveragex0.5

Credit Metrics

FY17FY18FY19FY20FY21FY22FY23FY24FY25
Gross Debt (reported – inclusive of fair value adjustments)A$m388.6404.5757.4883.9768.0901.9806.4928.6786.0
Cash and cash equivalentA$m166.7137.3223.5327.5264.7348.5307.4459.1481.3
Net DebtA$m221.9267.3533.9556.4503.3553.4499.0469.5304.7
 
EquityA$m630.1774.81,411.61,399.81,298.11,322.41,426.31,788.41,869.1
Net Gearing%26%26%27%28%28%30%26%21%14%
 
EBITDAA$m135.8177.4415.7 ¹443.8380.0426.4552.6644.6668.2
Net Leveragex1.6x1.5x1.3x1.3x1.3x1.3x0.9x0.7x0.5x
 
Net InterestA$m29.028.848.0 ¹52.154.254.762.469.370.1
Interest coverx4.7x6.2x8.7x8.5x7.0x7.8x8.9x9.3x9.5x

¹ Figures are proforma underlying figures which include 100% of Barminco and AUMS, exclude amortisation and any non-underlying items. Please refer to FY19 Investor Presentation lodged with the ASX on 29 August 2019.

Credit Ratings

Current Issuer RatingLong TermOutlookUnsecured Bond
Perenti
S&PBB+StableBB+
Moody’sBa1Stable
FitchBB+StableBB+
Perenti – Historic Credit RatingFY19FY20FY21FY22FY23FY24FY25
S&P
Long Term Issuer Credit RatingBBBBBBBBBBBBBB+
OutlookStableStableStableStableStablePositiveStable
Moody’s
Long TermBa2Ba2Ba2Ba2Ba2Ba2Ba1
OutlookStableStableStableStableStablePositiveStable
Fitch
Long TermBBBB+BB+BB+BB+
OutlookPositiveStableStableStableStable

Debt Information

Debt is generally raised in the name of Perenti or a subsidiary and may be secured or unsecured. Perenti currently has secured and unsecured borrowings in place. Generally, Perenti will approach the Bank, Capital Markets and Asset Financiers to fund its operations. In certain circumstances debt may be raised directly by a subsidiary or joint venture and will have separate security arrangements and financial covenants. Debt is raised in AUD and USD, however, may be raised in other currencies if required.

Perenti has revolving cash advance and bank guarantee facilities with its long term relationship banks and non-bank lenders. These banks and non-bank lenders include leading Australian, international banks and non-bank lenders. The term of these facilities are up to five years and the company regards the majority of these facilities as continuing facilities that will be extended on an ongoing basis as required.

In addition to revolving credit facilities/loans and capital markets supporting general corporate purposes, Perenti finances its fleet via Hire Purchases and lease facilities which are secured by the specific assets financed. Perenti diversifies its leasing exposure to any one provider, reducing refinance risk.

Regulation S / 144A
Amount		CouponIssuanceMaturityTenorISIN
US450,000,0006.5%7 October 20207 October 20255 years144a (US71367VAA70)
Reg.S (USQ7390AAA09)
US$350,000,0007.5%26 April 202426 April 20295 years144A (US71367VAB53)
Reg.S (USQ7390AAB81)

Perenti’s financing facilities contain undertakings including an obligation to comply at all times with certain financial covenants which require the Group to operate within certain financing ratio threshold levels as well as ensuring that subsidiaries that contribute minimum threshold amounts of EBITDA and Total Assets are guarantors under various facilities.

Debt Presentations and Others

Barminco Financials
Barminco Unaudited Interim Financial Statements 31 March 2020
Barminco Unaudited Interim Financial Statements 31 December 2019
Barminco Unaudited Interim Financial Statements 30 September 2019
Barminco Annual Report 30 June 2019
Barminco Unaudited Interim Financial Statements 31 March 2019
Barminco Unaudited Interim Financial Statements 31 December 2018
Barminco Unaudited Interim Financial Statements 30 September 2018
Barminco Annual Financial Report 30 June 2018
Barminco Unaudited Interim Financial Statements 31 March 2018
Barminco Unaudited Interim Financial Statements 31 December 2017
Barminco Unaudited Interim Financial Statements 30 September 2017
Barminco Annual Report 30 June 2017

Additional Information
Ausdrill Limited Supplemental Disclosure Information
Moodys Issue Rating Proposed Guaranteed Senior Unsecured Notes
SP Issue Rating Proposed Guaranteed Senior Unsecured Notes

Contact

Edwin Ho
Group Treasurer
D +61 8 9421 6572
M +61 499 771 543
E edwin.ho@perentigroup.com

Document License

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None of Perenti Global Limited or any of its subsidiaries that are not also subsidiaries of Barminco Holdings Pty Ltd guarantee Barminco Finance Pty Ltd’s 6.625% Senior Notes due 2022 or pledge any of their assets or otherwise provide any security for such notes.

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