Propbd on Q F13Nov15 – Convention centre contracts, Kiwi refinances

SkyCity confirms Fletcher convention centre contracts
Kiwi Property refinances

9.50am:
SkyCity confirms Fletcher convention centre contracts

SkyCity Entertainment Group Ltd confirmed yesterday that it had signed the building works contracts for the NZ International Convention Centre & Hobson St hotel with The Fletcher Construction Co Ltd.

As a result, SkyCity said, the regulatory concessions conferred by the NZ International Convention Centre Act 2013 became operative and would be activated.

Kiwi Property refinances

Kiwi Property Group Ltd it had refinanced all $775 million of bank debt facilities with its 4 lenders, ANZ Bank, Bank of NZ, Commonwealth Bank of Australia & Westpac, on favourable terms.

At 30 September, the company’s debt facilities had a weighted average term of 3.1 years and a weighted average cost of 5.43% (including its bonds). Chief operating officer Gavin Parker said yesterday the refinancing had extended the weighted average term to maturity by 1.3 years, and reduced fees & margins by about 20 basis points.

Attribution: Company releases.

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