Cromwell Group (CMW) has drawn down its new $452 million syndicated debt facility provided by National Australia Bank, Westpac Banking Corporation and Commonwealth Bank of Australia. This follows Cromwell’s recent announcement regarding the execution of the syndicated loan facility documentation about two weeks ago. As previously the company said the funds would initially be placed on deposit pending repayment of the group's current CMBS facility that may occur as late as April 2009. Cromwell intended to finalise an offer to CMBS note holders for the early repayment of the facility. The company said the offer would be made in the next few weeks.

Early Learning Services Limited (ELY) said its financer National Australia Bank Limited (NAB) had confirmed it had modified its financial covenants to ensure the company continued to meet its current borrowing agreements. The company said the modification allowed the group to re–classify its debt as non–current and confirmed its going concern status. It its interim report for the half year ended 30 June 2008, the ELY said interest cover ratio required by the company’s financier for the quarters ending 30 September 2008 and 31 December 2008 and for the year ending 31 December 2008 were expected not to be met based on the cash flow projections. However, the company said new covenants rectified this matter and demonstrated the continuing support from the company’s bankers. The company added its centres’ average total occupancy inclusive of long day care and school care for the September 2008 quarter remained strong at 89.4%.

Coffey International Limited (COF) appointed Urs Meyerhans to the new role of director of finance and chief financial officer. The company said Mr Meyerhans would commence the role in early 2009. Coffey said Mr Meyerhans was currently finance director of Wattyl Limited (WYL), and had headed the finance function at Wattyl since 2002. Prior to his role with Wattyl, Urs had been chief financial officer of United Group Limited (UGL), group financial controller of WMC Resources Limited and chief financial officer of Swiss Aluminium Australia. COF said he would be based in Sydney. Coffey previously announced a new executive structure and team on 16 October. The company said the final role to be filled, director of operations, was expected to be announced soon.