Colonial First State Property Retail Property Trust (CFX) has announced the refinancing of its existing debt facility.
The manager has successfully negotiated the extension of a $125 million bank debt facility that was due to expire in June 2009. The debt facility will now expire on December 31, 2011.
CFS said that as all debts were secured, the rate would now be secure for the remainder of the financial year.
CFX fund manager Michael Gorman said “the extension of this debt facility results in the trust having no further refinancing exposure in the 2009 financial year.”
“The fact that CFX has no further refinancing exposure in 2009 reinforces the prudent management of the balance sheet,” he said.
