Announcement
GENERAL: KPG: Kiwi Property concludes bank debt extensions
03:50pm
KPG
27/03/2020 15:50
GENERAL
NOT PRICE SENSITIVE
REL: 1550 HRS Kiwi Property Group Limited
GENERAL: KPG: Kiwi Property concludes bank debt extensions
Kiwi Property has successfully refinanced $147 million of bank debt
facilities with HSBC and CBA. The facilities were previously due to expire
in the 2021 and 2022 financial years and have been extended on three and
five-year terms.
On Monday, the company announced it had also extended $214 million of
facilities with ANZ, BNZ and Westpac. Kiwi Property now has no bank debt
maturities until the 2023 financial year. The weighted average term of all
debt facilities now sits at 3.9 years. The company has $303 million in
undrawn credit lines and a current gearing ratio of 29.2%, well within its
target range of 25%-35%.
> Ends
Contact us for further information
Campbell Hodgetts
Communications & Investor Relations Lead
campbell.hodgetts@kp.co.nz
0275634985
About us
Kiwi Property (NZX: KPG) is the largest listed property company on the New
Zealand Stock Exchange and is a member of the S&P/NZX 20 Index. We've been
around for over 25 years and we proudly own and manage a $3.3 billion
portfolio of real estate, comprising some of New Zealand's best mixed-use,
retail and office buildings. Our objective is to provide investors with a
reliable investment in New Zealand property through the ownership and active
management of a diversified, high-quality portfolio. S&P Global Ratings has
assigned Kiwi Property a corporate credit rating of BBB (stable) and an issue
credit rating of BBB+ for each of its fixed rate senior secured bonds. Kiwi
Property is the highest rated New Zealand company within CDP (Carbon
Disclosure Project) and is a member of FTSE4 Good, a series of benchmarks and
tradeable indices for ESG (Environmental, Social and Governance) investors.
Kiwi Property is licensed under the Real Estate Agents Act 2008. To find out
more, visit our website kp.co.nz
End CA:00350834 For:KPG Type:GENERAL Time:2020-03-27 15:50:34
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