The BWX Ltd (ASX: BWX) share price rose 15% on Monday's trade after the company announced to the ASX on Friday that it had successfully renegotiated its existing debt facility. BWX shares soared throughout Monday trading and ended the day at $2.44 after closing on Friday at $2.12.
BWX is a manufacturer and distributor of skin and hair care products. The company owns the Renew, Sukin, Andalou Naturals and Uspa brands as well as the Nourished Life online marketplace.
BWX made the announcement late Friday afternoon after the markets closed. Here's what the company had to say in its entirety:
"BWX Limited today announces that it has successfully executed an amendment and extension to its existing debt facility at lower margins as at 30 June 2019.
The debt facility was due to expire in June 2020 and has been extended to July 2022. The new arrangements will reduce the company's overall cost of finance and provide adequate head room to fund operations and invest in growth.
BWX Group CEO and Managing Director, David Fenlon commented: "The successful refinancing on improved terms reinforces the continued support of our financiers and provides long term stability and flexibility to the Company's debt structure to pursue growth opportunities.""
BWX shares are now up 47.88% year-to-date on Monday's closing price.
