This article is from the Australian Property Journal archive
DIVERSIFIED property group Australand has secured a new $550 million unsecured syndicated bank facility with the first tranche of $247.5 million maturing in March 2015 and the second tranche of $302.5 million maturing in September 2016.
Proceeds from this new facility have been used to retire all of the group’s 2012 debt maturities, including the group’s remaining secured debt facility.
Following retirement of the 2012 debt maturities, Australand’s proforma debt maturity profile as at 30 June 2011 improves to 3.7 years and it has no further corporate facilities maturing until June 2013.
Managing director Bob Johnston said securing longer dated funding at more favourable rates further strengthens the group’s already sound financial position, maintains significant liquidity headroom and is indicative of our disciplined and prudent approach to capital management.
Australian Property Journal
