ABACUS Property Group has refinanced its existing $480 million syndicate facility.
The syndicated facility includes the existing lenders ANZ, Westpac and Commonwealth Bank and introduces National Australia Bank and Bank of Queensland.
The facility has been spread over four tranches of varying sizes, with the following maturities, tranche A $50 million one-year; B $150 million three years; C $150 million four years; and D $130 million six years.
All tranches are revolving and can be extended. The facility provides an average all in cost saving of approximately 42bp pa.
The group’s gearing is circa 26% and covenant gearing is circa 31%, with have no bank debt expiring in FY15.
Property Review
