Opus Group’s debt deadline has been extended by nine months after it struck its second debt deal of 2013.

Opus will now have to repay $27.5 million of debt by 30 June 2014. The previous agreement obliged Opus to repay $20 million by 30 September 2013 and another $6 million by 30 June 2014.

The group reduced its net debt from $62.9 million to $57 million for the 12 months to 30 June 2013, partly due to asset sales.

Under the terms of a previous deal, Opus agreed to finish the 2012-13 financial year with net debt no greater than three times underlying EBITDA, which would have meant a debt figure no higher than $42.3 million.

[ProPrint Power 50: Five Opus execs make shortlist]

The new deal obliges Opus to sell its outdoor media division as a fundraising measure.

The Commonwealth Bank will also get a 10% stake in the company “upon an exit event for all Opus Group shareholders”.

Chief executive Cliff Brigstocke said the new deal had left Opus “well-placed for the future”.

“Trading has remained strong, it has a supportive partner in the Commonwealth Bank and is focused on continuing to grow in the Asia-Pacific region,” he told ProPrint.

“Plans are well underway for Opus post the divestment of the outdoor media business, which will allow a total focus on our regional publishing business that will continue to deliver growth and a wider range of non-print products and services.”

Opus said it “continues to evaluate its capital structure in order to continue to reduce the company’s gearing levels”.

[Related: Ups and downs of Opus]

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