NZX-listed Argosy Property Ltd has restructured its syndicated bank facility with ANZ Bank NZ Ltd, Bank of NZ Ltd and Hongkong & Shanghai Banking Corp.
Chief executive Peter Mence said today:
- The expiry of tranche A ($275 million) has been extended to 31 October 2021
- Expiry of tranche B (also $275 million) remains at 30 September 2020
- An additional tranche (tranche C) of $25 million has been added to the facility with an expiry date of 31 October 2021. The total facility is now $575 million.
As at 31 May, Argosy’s weighted average cost of debt, including line fees, margin & interest rate swaps, is expected to be about 5.1%/year and the weighted average debt expiry will be 3.9 years.
Attribution: Company release.