This article is from the Australian Property Journal archive
MACQUARIE DDR Trust has extended a $US39.3 million commercial mortgage backed securities facility for two years to April 2012.
The Longhorn III CMBS was originally due to mature in April 2010 and is secured by three assets and will remain non-recourse to the trust.
Under the new terms, the trust will pay an upfront extension fee equal to 1.15% (approximately $US0.45 million) which is equivalent to 0.575% per annum.
The facility interest rate will remain unchanged at approximately 5.1% fixed for the duration of the extension, resulting in an all-in funding cost, including upfront payments, of approximately 5.675% per annum.
Macquarie DDR Trust’s CEO Luke Petherbridge said as part of the trust’s capital management strategy, it has successfully extended or refinanced over $US500 million of near-term liabilities since July 2008.
Australian Property Journal
