Seven West Media (SWM), AGM has announced a significant refinancing of its syndicated debt facility at the company's Annual General Meeting (AGM) on 9 November 2023, sees the debt downsized from $600 million to $525 million and the term extended from three to four years.

The ASX-listed media company revealed a revenue decline of 3% to approximately $1.49 billion in FY23, with operating costs increasing by 0.9% over the prior year to $1.2 billion.

James Warburton, SWM's Managing Director and CEO, stated, “At SWM we continue to deliver on our ambition to be Australia’s most connected news, sport and entertainment brand. While we accelerate our digital future, partnering for growth is one of our key priorities. This refinancing continues a significant partnership with our supportive lender group and reflects SWM’s ongoing progress in transforming the business and reducing debt.”

SWM's EBITDA declined 18% to $280 million, and underlying net profit was $146 million. Net cash flow before temporary and capital items was $155 million, and net debt of $249 million was down slightly from $256 million in the prior period with prudent leverage of 0.9 times maintained.

Despite these financial challenges, SWM has identified $60 million in cost initiatives that will be executed over the remainder of FY24 and into FY25, targeting $25 million in FY24 which will reduce the cost base to $1.23-1.24 billion.

SWM, which reaches more than 19 million people a month, has a presence in content production across broadcast television, publishing and digital. Its brands include the Seven Network and its affiliate channels 7two, 7mate, 7flix and 7Bravo; broadcast video on demand platform 7plus; 7NEWS.com.au; The West Australian; and The Sunday Times. The Seven Network is the broadcast partner of the AFL, Cricket Australia and Supercars.

SWM is being advised by Grant Samuel as financial adviser and Ashurst as legal counsel.

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