KPG
12/11/2015 17:06
GENERAL
PRICE SENSITIVE
REL: 1706 HRS Kiwi Property Group Limited
GENERAL: KPG: Savings achieved through bank debt refinancing
Kiwi Property is pleased to announce that all $775 million of bank debt
facilities with its four lenders, ANZ, BNZ, CBA and Westpac, have been
refinanced on favourable terms.
At 30 September 2015, Kiwi Property's debt facilities had a weighted average
term of 3.1 years and a weighted average cost of 5.43% (inclusive of the
Company's bonds). The refinancing has extended the weighted average term to
maturity by 1.3 years, and reduced fees and margins by approximately 20 basis
points.
Chief Operating Officer, Gavin Parker, said: "This was an opportune time in
the cycle to capitalise on the lower interest rate environment and lock in
savings for our shareholders. We continue to be well supported by the key
banking institutions in New Zealand."
A graph showing the Company's debt maturity profile has been provided to NZX
with this announcement.
ENDS
Contact us for further information
Chris Gudgeon
Chief Executive
[email protected]
+64 9 359 4011
mobile +64 21 855 907
Gavin Parker
Chief Operating Officer
[email protected]
+64 9 359 4012
mobile +64 21 777 055
Mathew Chandler
Investor Relations and Communications Manager
[email protected]
+61 458 110 042
direct +61 2 4377 1590
Stuart Tabuteau
Chief Financial Officer
[email protected]
+64 9 359 4025
mobile +64 21 912 247
ABOUT US
Kiwi Property (NZX: KPG) is the largest listed property company on the New
Zealand Stock Exchange and is a member of the NZX15 Index. We've been around
for more than 20 years and we proudly own and manage a $2.28 billion
portfolio of real estate, comprising some of New Zealand's best shopping
centres and prime office buildings. Our objective is to provide investors
with a reliable investment in New Zealand property by targeting superior
risk-adjusted returns over time through the ownership and active management
of a diversified, high-quality portfolio. To find out more, visit our
website kp.co.nz
End CA:00273364 For:KPG Type:GENERAL Time:2015-11-12 17:06:41
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