This article is from the Australian Property Journal archive
ASTRO Japan Property Group has refinanced a senior loan maturing in March.
AJA has signed a new, five year, senior loan of ¥13.4 billion (approx $A160 million). The refinancing is of the senior loan to JPT Co., Ltd. (JPT), one of the five special purpose, property-owning Japanese companies in which AJA has an economic interest.
AJA also confirms that, as previously foreshadowed, as part of the JPT refinancing it has contributed additional equity of ¥900 million ($A11 million) to JPT from AJA’s existing cash resources to reduce leverage.
Following the refinancing and the ¥900 million equity injection, AJA’s overall portfolio pro-forma gearing (interest bearing debt / investment property) has reduced to 72.0%. AJA’s weighted average debt maturity is 2.5 years with a weighted average interest rate of approximately 2.04%.
Australian Property Journal
