Precinct Properties NZ Ltd has refinanced a large chunk of its $760 million bank debt facility over 2 years early – it was due to expire in November 2020.
Chief executive Scott Pritchard said yesterday the refinance extended $460 million of the existing facilities in 2 new tranches expiring in July 2022 & July 2023. The balance will still expire in November 2020.
“The new facility reduces refinancing risk to our business and provides sufficient funding capacity to deliver our committed developments,” he said.
The refinance extends the tenor of the existing facilities, reducing refinancing risk, and improves the weighted average term to expiry to over 4 years. Funding continues to be provided by Precinct’s existing lenders ANZ Banking Group, the Bank of NZ, Commonwealth Bank of Australia, Westpac & HSBC.
Attribution: Company release.