Tuesday 31st October 2023
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Arvida Group Limited (Arvida) announced that it yesterday completed a refinancing and restructure of its bank debt facilities into a revolving core and development facility.
Arvida Chief Executive Jeremy Nicoll said, “the restructure of bank facilities was undertaken to better align the group’s funding profile with our medium-term growth strategy and greater focus on development activity.”
Mr Nicoll acknowledged the ongoing support of syndicate members ANZ, BNZ and ASB.
In conjunction with the restructure, the total limit of bank facilities has been increased by $100 million to $775 million. Following the restructure, the split between facility limits is $325 million of core facilities and $450 million of development facilities, with an additional $125 million through the retail bond.
The current weighted average tenure of total debt facilities has been extended to 3.2 years.
The interest coverage ratio (ICR) has been amended to exclude interest costs on the development facility. Due to the timing of the restructure the bank syndicate members agreed to waive the obligation to comply with the ICR financial covenant for the calculation period ending on 30 September 2023.
As at 30 September 2023, $630 million of bank facilities were drawn, with total drawn debt of $755 million.
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