Growthpoint Properties announced that it has entered a new $100 million debt facility, split into two equal tranches of five and seven years, with a new banking partner.
The new facilities extend Growthpoints undrawn debt capacity to $345 million adding to the $42 million of cash on its balance sheet.
Growthpoint’s weighted average debt maturity has increased to 4.6 years and the Group has no debt maturing until FY22. Although no details were given, the facility was priced lower than the Group’s weighted average cost of debt.
Dion Andrews, Growthpoint’s Chief Financial Officer, commented, “We are pleased to establish a relationship with a new banking partner, particularly during these uncertain times, and on favourable terms, highlighting the strength of our financial position. These facilities add diversity in both lender and tenor to our debt book and provide Growthpoint with additional financial flexibility now and into the future.”
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