Real estate investment company Mirvac Group (ASX:MGR) says it has successfully refinanced its debt into a new $1.85 billion facility.
Two tranches due to mature in June 2011 and January 2012 have now been refinanced to a new facility made up of one to five year maturities, extending the group's weighted average debt maturity from 2.5 years to 3.6 years.
Mirvac says the average cost of its debt has increased in line with expectations, by around 25 basis points to 7.3 per cent.
CFO Justin Mitchell says the refinance advances the group's debt strategy by extending Mirvac's debt maturity profile and significantly reducing the amount of debt expiring in any one year.
In the 2010 financial year Mirvac Group generated a net profit of $237.4 million.
MGR Price at posting:
$1.30 Sentiment: None Disclosure: Held
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