Kiwi Property Group Ltd has further diversified its sources of debt, adding HSBC Holdings plc & China Construction Bank Corp to its pool of banking lenders.
Kiwi chief financial officer Stuart Tabuteau said today the company had increased its total finance debt facilities by $75 million to $1.3 billion. It’s added a $100 million facility from HSBC on 3-, 4- & 5-year terms and a $100 million 6-year facility from China Construction Bank, and paid down $125 million of shorter-dated debt.
Mr Tabuteau said one result was to increase Kiwi’s weighted average term to maturity of its finance debt facilities by half a year to 3.5 years.
Attribution: Company release.