CHARTER Hall Group has increased its corporate debt facility with Westpac Bank by $25 million to $100 million.
The $25 million increase is effective immediately on the same terms as the original facility. The facility is currently drawn to $33 million.
CHC joint managing director David Harrison said the increase further demonstrates the group’s strong banking relationships.
“Importantly, the increase also provides the group with enhanced liquidity and additional flexibility to pursue opportunities to grow the business and capitalise on the property market recovery,” he added.
In other news, Charter Hall Office Management Limited has written to its syndicate facility financiers to ask for a event of default waiver after Orange Capital requested an extraordinary general meeting.
In the event that a waiver is not received, the syndicate participants may exercise its right for immediate repayment of the loan, and may prevent the payment of any declared distribution.
Similarly, the $290 million bank financed ‘back stop facility’ also contains conditions in relation to a Notice of Meeting. CHOML continues to work with the ‘back stop facility’ financiers to confirm their commitment to providing the refinancing facility in light of the Notice of Meeting.
Australian Property Journal
