|
RIN
RIN
RIN - Redefine Properties International Limited - Cromwell completes debt
refinances
REDEFINE PROPERTIES INTERNATIONAL LIMITED
(formerly Kalpafon Limited)
(Incorporated in the Republic of South Africa)
(Registration number 2010/009284/06)
JSE share code: RIN ISIN Code: ZAE000149282
("RIN")
Set out below is an announcement which was released today by the Cromwell
Property Group on the Australian Stock Exchange. The Cromwell Property Group
is an Australian Property Trust, in which Redefine International plc, RIN`s
AIM listed subsidiary, currently has a 22.2% shareholding. The announcement
set out below is for information purposes only.
"Cromwell Property Group (ASX:CMW)
Cromwell Corporation Limited ABN 44 001 056 980
Cromwell Property Securities Limited ABN 11 079 147 809 AFSL 238052
as responsible entity for Cromwell Diversified Property Trust
ABN 30 074 537 051 ARSN 102 982 598
CROMWELL COMPLETES DEBT REFINANCES
As highlighted in its December half year results presentation Cromwell
Property Group (ASX: CMW) is pleased to confirm the refinancing of two debt
facilities.
The first is a syndicated debt facility of approximately $397.8 million
primarily secured by first registered mortgages over 15 of the investment
properties held by Cromwell Property Group. This facility was originally set
to mature in November 2011.
The second is a debt facility of approximately $132.7 million primarily
secured by first registered mortgages over the TGA Property in Canberra and
the 200 Mary Street and Synergy properties in Brisbane. These facilities were
due to mature between April and August 2011.
Each of the new debt facilities have been set for a term of three (3) years.
The refinancing of these facilities means the Group has no further debt
facility expiries until July 2013 and a weighted average debt maturity of 3.0
years (as at 30 April 2011). The average margin across all drawn facilities
is now 2.05% p.a.
Following completion of the refinance, Cromwell Property Group`s debt
exposure is now spread amongst the four major Australian banks and one
offshore bank at levels that allow sufficient capacity for funding of future
acquisitions in the future.
Cromwell CEO Paul Weightman said "The early refinancing of the syndicated
debt facility, which was due to expire in November 2011, provides security
holders with assurance that the Group`s debt position is secure.
In line with Cromwell`s risk averse strategy, we felt it was prudent to
provide the market with certainty regarding our long term debt arrangements.
Cromwell will continue to pursue opportunities in the market, safe in the
knowledge that our debt position gives the Group a secure base from which to
grow."
Group Treasurer, David Gippel, said the refinancing of these facilities is
further confirmation that the Cromwell brand and strategy is well supported
by all four major Australian banks.
Media Enquiries: Cromwell Securityholder Enquiries:
David Gippel Investor Services Centre
Group Treasurer 1800 334 533 (within Australia)
+61 7 3225 7777 +61 7 3225 7777 (outside Australia)
david.gippel@cromwell.com.au invest@cromwell.com.au"
12 May 2011
Sponsor to Redefine Properties International Limited
Java Capital
Date: 12/05/2011 14:30:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
