AUSTRALAND Property Group has refinanced its existing $975 million unsecured debt facility by establishing a new $850 million facility.
The existing facility was due to mature in 2013 and 2014.
Australand’s chief financial officer Kieran Pryke said the refinancing is consistent with the capital management objectives of the group to reduce borrowing costs and extend debt duration.
“The new facility extends our debt maturity profile and the group has no further debt refinancing obligations until September 2013. We are pleased with the level of ongoing support provided by our lenders,” he said.
The refinancing improves the Group’s overall borrowing costs and extends its weighted average debt maturity to 3.9 years.
Property Review
