FKP Property Group has refinanced $340 million worth of debt facilities maturing in 2012.
FKP has extended the Development MOF facility, and for the refinance of the Property Trust facilities, which were due to expire in mid-2012.
The $272 million Development MOF will be extended for a further three years to 30 June 2015. The facility includes a $240 million cash advance facility and $32 million bank guarantee facility, and there are no material changes to the existing financial covenants.
The $68 million Property Trust Facility will be refinanced for a further three years to 30 June 2015.
In addition, FKP has agreed terms for a $50 million Project Finance Facility to fund the construction of the Luxe apartment development in Sydney.
CFO David Hunt said the successful capital management activities are a positive result for the group in the current global economic climate and allow FKP to focus on delivering its development pipeline.
“As a result, FKP has increased the weighted average time to maturity to 2.5 years and reduced the weighted average cost of debt to 8.3%,” he concluded.
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