Sharechat Logo

Irongate gets $45m funding from Bluestone-led group to repay bonds

Tuesday 6th July 2010

Text too small?

Irongate Property will borrow $45 million from investors led by Bluestone Group, allowing it to repay bonds coming due this month.

The unprofitable property manager has until tomorrow to file its overdue annual report of risk suspension of its securities from the NZX. Irongate general manager Chris Minty had previously said there was some uncertainty about whether it could make the debt repayment.

Irongate, one of the units of the St Laurence group that escaped receivership, said it has agreed indicative terms for additional funding from Bluestone, according to a statement on Unlisted. The extra funds would “assist the company to reposition its property investment business and enhance its property portfolio,” it said.

Australia’s Bluestone is owned by institutional investors including Crescent Capital Partners and Barclays Bank Plc, according to its website.

Irongate last week revised its loss for the 12 months ended March 31 to $54.5 million from $50.5 million after advice from its auditors over its exit from National Property Trust. It sold units in the trust to repay debt.

Businesswire.co.nz



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

SML - Synlait Milk Limited - Trading Halt of Securities
AIA - Auckland Airport announces board chair changes
AIA - Auckland Airport announces board chair changes
CEN - Tauhara commissioning progress update
FPH initiates voluntary limited recall
March 28th Morning Report
KFL Celebrates 20 Years of Excellence in Investment Mgmt.
SVR - Savor FY24 Earnings Guidance & Change in Banking Partner
NZK - NZ King Salmon Investments Limited FY24 Results
March 27th Morning Report