QSL Media Release: QSL’S Advances Program locked-in for another three years

21 June 2013

Queensland Sugar Limited (QSL) is pleased to announce it has successfully refinanced its current two-year $500 million cash advance agreement with three major banks for an extended three-year term. This facility together with the QSL commercial paper program provides ongoing financial security for QSL’s members; millers and growers.

The ongoing arrangement allows QSL to continue to pay cash advances throughout the year; in and out of the harvesting season. Payments are made to millers on receipt of raw sugar at the sugar terminals, who then pass it on to growers, in advance of QSL receiving payments from  customers.

QSL has an enviable credit rating (Standard & Poor’s: A long term, A1 short term) and has the ability to obtain financing at a cost effective rate currently at around three percent.

The Advances Program is critical to the industry and underpins QSL’s key offering of financing in addition to the pricing, marketing and logistics services QSL also provides.

QSL had entered into a Syndicated Cash Advance Facility Agreement with ANZ as the Mandated Lead Arranger and Bookrunner who lead the refinancing along with National Australia Bank (NAB) and Rabobank.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s