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RIN - Redefine Properties International Limited - Cromwell completes debt

Release Date: 12/05/2011 14:30
Code(s): RIN
Wrap Text

RIN - Redefine Properties International Limited - Cromwell completes debt refinances REDEFINE PROPERTIES INTERNATIONAL LIMITED (formerly Kalpafon Limited) (Incorporated in the Republic of South Africa) (Registration number 2010/009284/06) JSE share code: RIN ISIN Code: ZAE000149282 ("RIN") Set out below is an announcement which was released today by the Cromwell Property Group on the Australian Stock Exchange. The Cromwell Property Group is an Australian Property Trust, in which Redefine International plc, RIN`s AIM listed subsidiary, currently has a 22.2% shareholding. The announcement set out below is for information purposes only. "Cromwell Property Group (ASX:CMW) Cromwell Corporation Limited ABN 44 001 056 980 Cromwell Property Securities Limited ABN 11 079 147 809 AFSL 238052 as responsible entity for Cromwell Diversified Property Trust ABN 30 074 537 051 ARSN 102 982 598 CROMWELL COMPLETES DEBT REFINANCES As highlighted in its December half year results presentation Cromwell Property Group (ASX: CMW) is pleased to confirm the refinancing of two debt facilities. The first is a syndicated debt facility of approximately $397.8 million primarily secured by first registered mortgages over 15 of the investment properties held by Cromwell Property Group. This facility was originally set to mature in November 2011. The second is a debt facility of approximately $132.7 million primarily secured by first registered mortgages over the TGA Property in Canberra and the 200 Mary Street and Synergy properties in Brisbane. These facilities were due to mature between April and August 2011. Each of the new debt facilities have been set for a term of three (3) years. The refinancing of these facilities means the Group has no further debt facility expiries until July 2013 and a weighted average debt maturity of 3.0 years (as at 30 April 2011). The average margin across all drawn facilities is now 2.05% p.a. Following completion of the refinance, Cromwell Property Group`s debt exposure is now spread amongst the four major Australian banks and one offshore bank at levels that allow sufficient capacity for funding of future acquisitions in the future. Cromwell CEO Paul Weightman said "The early refinancing of the syndicated debt facility, which was due to expire in November 2011, provides security holders with assurance that the Group`s debt position is secure. In line with Cromwell`s risk averse strategy, we felt it was prudent to provide the market with certainty regarding our long term debt arrangements. Cromwell will continue to pursue opportunities in the market, safe in the knowledge that our debt position gives the Group a secure base from which to grow." Group Treasurer, David Gippel, said the refinancing of these facilities is further confirmation that the Cromwell brand and strategy is well supported by all four major Australian banks. Media Enquiries: Cromwell Securityholder Enquiries: David Gippel Investor Services Centre Group Treasurer 1800 334 533 (within Australia) +61 7 3225 7777 +61 7 3225 7777 (outside Australia) david.gippel@cromwell.com.au invest@cromwell.com.au" 12 May 2011 Sponsor to Redefine Properties International Limited Java Capital Date: 12/05/2011 14:30:01 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.

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