Kiwi Property refinances $775m of bank facilities
The facilities with ANZ, BNZ, Commonwealth Bank and Westpac had a weighted average term of 3.1 years.
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Hawke’s Bay
Kiwi Property Group [NZX: KIP], the country's largest listed property investor, has refinanced its $775 million of bank facilities, extending the terms and reducing the borrowing costs.
The facilities with ANZ Bank, Bank of New Zealand, Commonwealth Bank and Westpac had a weighted average term of 3.1 years and a weighted average cost of 5.43% as at September 30, which includes $125 million of 2022 bonds. The refinancing extended the term by weighted average term to maturity by 1.3 years, and reduced fees and margins by approximately 20 basis points.
"This was an opportune time in the cycle to capitalise on the lower interest rate environment and lock in savings for our shareholders," said chief operating officer Gavin Parker. "We continue to be well supported by the key banking institutions in New Zealand."
Kiwi Property manages a $2.28 billion portfolio of shopping centres and prime office buildings. Its shares rose 0.7% to $1.36 and have gained 9.6% this year.
(BusinessDesk)
Jonathan Underhill
Fri, 13 Nov 2015
Fri, 13 Nov 2015
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