SCA Property Group has refinanced and extended its debt facilities totalling $600 million.
The new facilities will result in SCP’s weighted average debt maturity increasing from 3.6 to 4.1 years and the weighted average cost of debt reducing from approximately 5.3% to approximately 4.8% per annum.
“We are considering alternatives to increase our weighted average debt maturity further, and this may result in our weighted average cost of debt increasing in the future,” chief financial officer Mark Fleming said.
“The savings from this refinancing are expected to be partially offset by increases in property statutory charges and registry-related costs. As a result, SCP’s FY14 guidance remains unchanged at 12.2 cents of distributable earnings and 10.8 cents of distributions,” he concluded.
Property Review
