ASX ANNOUNCEMENT

Abacus refinances $480 million syndicated facility


Abacus Property Group has refinanced its existing $480 million syndicate and working capital facilities with a single $480 million syndicated facility securing more flexible terms, improved duration and reduced costs.
The syndicated facility includes the existing lenders ANZ, Westpac and Commonwealth Bank and introduces National Australia Bank and Bank of Queensland. This leads to greater diversification of the Group's banking relationships.
The facility has been spread over four tranches of varying sizes and maturities up to 6 years. The facility provides a better spread and diversification of tranche maturities, reduced concentration risk and makes the facility easier to manage. The tranches have the following maturities:

Tranche

Facility amount

Tenor

A

$50 million

1 year

B

$150 million

3 year

C

$150 million

4 year

D

$130 million

6 year

All tranches are revolving and can be extended. The facility provides an average all in cost saving of approximately 42bp pa.
The Group's gearing is circa 26% and covenant gearing is circa 31%. The Group will have no bank debt expiring in FY15.

Ellis Varejes
Company Secretary
Neil Summerfield
Head of Investor Relations
20 June 2014

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