BECTON Property Group has negotiated a three month extension of a $73.6 million term debt facility with Suncorp-Metway, on behalf of its Retirement Alliance with the Oman Investment Fund.
The term debt facility was to expire on 31 July 2012. Becton and OmIF are equal partners in the Retirement Alliance. As part of the extension, a waiver of financial covenants during the extended term has also been agreed.
In addition, Becton has also negotiated a seven month extension of its $2.2 million Hervey Bay Wahroonga debt facility, with Suncorp, which was to mature on 31 July 2012.
In addition, Becton negotiated an increased to the loan-to-value ratio covenant limit of 80%. Under the new terms of this debt facility, Suncorp will have a right to review the facility on the earlier of 31 January 2013 or the settlement date of any sale of property secured by the facility.
Property Review
