Vocus has refinanced its debt and says it expects to achieve the lower end of its guidance, forecasting full-year earnings of $359 million to $369 million.
The fibre and network solutions provider in February predicted it would earn $359 million to $379 million in earnings before interest, tax depreciation and amortisation (EBITDA).
“Being able to confirm all the parameters of our financial guidance, which was first provided almost 12 months ago in July 2019, demonstrates the financial discipline, strength and resilience of Vocus’ business even in a period of significant economic disruption,” chief executive Kevin Russell said.
Vocus also said it had a new syndicated debt facility of $A1.26 billion and $NZ135 million that allows it a higher debt-to-EBITA ratio.
Mr Russell said Vocus was “operating comfortably within our new debt covenants” and expected to continue to deleverage the business by reducing its net debt.
At 1045 AEDT, Vocus shares were up 4.5 per cent to $3.26, having gained 14 per cent on the year.