SCEE Group announces increased project bonding facilities

Southern Cross Electrical Engineering Limited (SCEE Group) (ASX: $SXE) has announced an increase in its project bonding facilities. The banking facility with the Commonwealth Bank of Australia (CBA) has been raised from $50m to $75m, and the ability to issue surety bonds has also been increased from $50m to $75m. Consequently, SCEE Group's total capacity to bond projects has increased from $100m to $150m.

Graeme Dunn comments on the increased project bonding facilities

Graeme Dunn, SCEE Group Managing Director, expressed his satisfaction with the increased facilities, stating, 'I am pleased that we are continuing our relationship with CBA whom the SCEE Group has banked with continuously since we were founded in 1978. Our facilities have had to be increased to record levels in order to enable us to service what is now a record order book following our recent CBESS award and to provide further headroom for the significant opportunities presenting to us in the markets in which we operate.'

Summary of SCEE Group's increased project bonding facilities

SCEE Group (ASX: $SXE) has announced an increase in its project bonding facilities, with the banking facility with CBA raised from $50m to $75m, and the ability to issue surety bonds also increased from $50m to $75m. Consequently, SCEE Group's total capacity to bond projects has increased from $100m to $150m. Graeme Dunn, SCEE Group Managing Director, highlighted the significance of the increased facilities in servicing the record order book and providing headroom for significant opportunities in the markets they operate. The company currently has circa $60m of bank guarantees and surety bonds on issue with a further circa $30m to be issued soon to back its performance obligations and the advance payments negotiated on the recently announced Collie Battery Energy Storage System Balance of Plant works with Synergy.