Kiwi Property Group Ltd refinanced $214 million with 3 banks on Monday and another $147 million with 2 banks on Friday, and now has nothing maturing until the March 2023 year.
The NZX-listed property company has $303 million in undrawn credit lines, a gearing ratio of 29.2%, in the middle of its 25%-35% debt target range, and a weighted average term of all debt facilities of 3.9 years, up from 3.5 years on Monday.
The $214 million of facilities with ANZ, BNZ & Westpac had been due to expire in the March 2021 & 2022 financial years, but have been extended for 5 years.
The $147 million facilities with HSBC & Commonwealth Bank of Australia had also been due to expire in the March 2021 & 2022 financial years, but have been extended on 3- & 5-year terms.
Attribution: Company releases.