Mirvac Group has closed its new syndicated bank facility oversubscribed.
And, in response to market demand, Mirvac has accepted oversubscriptions increasing the overall lending facility size to $2 billion.
The transaction is part of Mirvac’s ongoing capital management and follows on from the long-term credit rating assigned to the Group in April 2006, according to the group.
The facility is structured as a three and five year unsecured multicurrency revolving facility and will be used to refinance existing secured debt.
Mirvac’s existing relationship banks, together with a number of financial institutions new to Mirvac, committed to the facility providing Mirvac with a diversified group of domestic and international lenders and significant financial flexibility.
According to Mirvac, the lead arrangers and bookrunners for the new facility, ANZ Investment Bank, Citigroup and Westpac Institutional Bank commented that: “This transaction has proved to be one of the largest and most successful syndicated loans within the property sector in recent times as demonstrated by a significant level of oversubscription.
“It is a reflection of the strength of the Mirvac brand in the marketplace."
By Ted McDonnell
