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- Release Date: 01/08/12 13:18
- Summary: GENERAL: ARG: ARG restructures bank facility on improved terms
- Price Sensitive: No
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ARG
01/08/2012 11:18
GENERAL
REL: 1118 HRS Argosy Property Limited
GENERAL: ARG: ARG restructures bank facility on improved terms
Argosy is pleased to announce that it has restructured its syndicated bank
facility with ANZ National Bank, Bank of New Zealand and the Hongkong and
Shanghai Banking Corporation on improved terms.
The facility amount has increased from $450 million to $500 million and is
now split into two even tranches of $250 million.
The first tranche expires on 30 June 2015 and the second on 30 June 2017.
Argosy will receive immediate margin and line fee reductions on both tranches
averaging 25bps (after including upfront fees).
The Loan to Valuation ratio (LVR) has also been permanently increased from
45% to 50%, providing Argosy with considerable headroom on the current LVR%
(40.7%).
- ENDS -
Press enquiries
Peter Mence
Chief Executive Officer
Argosy Property Limited
Telephone: 09 304 3411
Email: [email protected]
Dave Fraser
Chief Financial Officer
Argosy Property Limited
Telephone: 09 304 3469
Email: [email protected]
Argosy Property Limited
Argosy Property Limited is the most diversified property fund listed on the
New Zealand Stock Exchange. It has a $895 million portfolio of 63 properties
across the retail, commercial and industrial sectors. The Company has a low
risk focus on quality properties where value can be added and properties
modernised to extend their effective utilisation.
End CA:00225540 For:ARG Type:GENERAL Time:2012-08-01 11:18:49
