Calibre Group Completes Refinancing - Enabled to Thrive

CALIBRE Group is expanding its reach and impact as a strong challenger in the Australian and New Zealand infrastructure market, securing a new $130 million finance package and signalling the completion of its debt refinancing process.

The diversified Australian and New Zealand owned engineering, technology and sustainability group incorporates Calibre, Diona and now a new soon to be launched full-service renewables delivery entity Sevengen.

These arrangements include settlement rights of our obligations to Greensill’s receivables facility and enables Calibre Group to sharpen its focus on growth through an employee-ownership model and core market approach.

Calibre Group Chair David O’Connor today announced the refinancing agreement comprising a $40 million bank guarantee and revolving credit facility with NAB and a $90 million syndicated term facility with Longreach Credit Investors, Wingate, Nomura and Pacific Equity Partners. Both facilities are set to mature in October 2024.

“As one of the founding shareholders, together with Executive Director John O’Connor and our Managing Director and Chief Executive Officer Peter Massey, this is the first time we have been able to complete a full senior and junior refinancing since late 2014 and also since privatisation in mid-2019,” Mr O’Connor said.

“This is really exciting for Calibre Group and provides us with the stability and tenor to deliver our trajectory of becoming Australia and New Zealand’s most respected employee-driven engineering, technology and sustainability partner.”

“When considered in combination with approximately $1 billion secured in our forward order book largely from resources and government clients, it sets Calibre Group up very strongly as a genuine challenger to the existing major players across our chosen markets.”

Managing Director and Chief Executive Officer Peter Massey said continuing the transition to employee-ownership would further bolster Calibre Group’s future following our move to a privately owned company in mid-2019.

“With our financial credentials assured, we are on a growth trajectory,” Mr Massey said.

“Our core focus will always be to grow organically but we will also pursue expansion via mergers and acquisitions which complement our business and offer important services and value for our clients along with establishing our exciting new venture in Sevengen.

“This is a new beginning for the Calibre Group and there is refreshed energy in the business which will enable us to thrive in all our markets and communities in which we operate daily.

Our clear goal as a private entity has been to create a unique offering to clients and we will do that by retaining and attracting the best and brightest people, people who share our values and our client-focussed approach,” Mr Massey said.

“While technical excellence and client service are clearly key to the future of the business, what truly sets the Calibre Group apart is two fundamental things – our operation as a values-based business and our secure future through an employee-ownership model.

“Employee-ownership creates a shared destiny for all employees and enables us to make the decisions needed to secure long-term positive growth and to drive change in support of our commitment to diversity and inclusion, flexible work and further our focus on renewables.”

Calibre Group has already attracted more than 90 employee shareholders as well as exceptional new leadership talent.

Calibre Group has also reached 40 per cent female representation on its Executive Leadership Team, with the appointment during the last 12 months of Julie Stanley as Executive General Manager – Calibre Australia and Rhonda McSweeney as Executive General Manager of Diona.

Other near-term appointments have strengthened the leadership team, including Nick Sutherland as Chief Financial Officer and Mark Stumer as Executive General Manager – Health, Safety, Environment, Community & Quality.

Continuing in senior leadership roles are Tara Dennis – General Counsel & Company Secretary; Haley Lee, Executive General Manager – People & Communications and; Bruce Vincent, Executive General Manager – New Zealand & South Pacific. Mr John O’Connor will take on the role of Executive General Manager for the soon to be launched entity, Sevengen – an integrated design, construction and maintenance offer in the renewable energy market.

John O’Connor Executive General Manager of Sevengen said “I’m both excited and humbled to lead this once in a generation opportunity to prove that we can create prosperity for our people by taking care of our planet embracing the Seventh Generation Principle, there is so much MORe to come so watch this space.”

Mr Massey said, “we have assembled an exemplary leadership team that has a wealth of knowledge and experience across our diverse areas of business, and I’m very confident that this team will continue to take us from strength to strength.”

Read full media release here.