Thursday 12th May 2011
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Listed commercial property investor AMP NZ Office (ANZO) says it has secured a new $400 million bank debt facility.
It would replace its existing $342.5 million facility, most of which was due to expire later this year, ANZO said today.
The funding was provided by ANZ, which was also the facility agent, ASB Institutional and BNZ, with equal participation from all three banks.
The new facility provided sufficient funding for all ANZO's committed capital projects, including the estimated $76 million redevelopment of the ANZ Centre, ANZO said.
The weighted average term to expiry of ANZO's funding was extended from 0.8 to 3.6 years with laddered maturities improving the rollover profile, ANZO said.
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