Abacus refinances debt facilities
Abacus Property Group has arranged new debt facilities amounting to $536 million.
The debt facilities cover its existing club facility ($400 million), working capital facility ($80 million) and its Metcash portfolio facility ($56 million).
The new three-year $400 million syndicated bank debt facility consists of ANZ (the lead arranger and bookrunner), Westpac, Commonwealth Bank and Bank of Nova Scotia. The facility incorporates the same security and covenant package as its existing club facility that matures in February 2011, Abacus stated in a release to the Australian Securities Exchange. The total gearing covenant has been increased from 45 per cent to 50 per cent and the loan to valuation ratio test has been reduced from 55 per cent to 50 per cent. The group’s gearing is around 22 per cent and covenant gearing around 28 per cent.
Abacus has renewed its working capital bank debt facility with ANZ for a further three years, and has renewed its Metcash portfolio, managed by IGA with ANZ, for a further five years. Abacus stated that neither of the covenant packages for these facilities had changed.
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