Cambridge Industrial Trust to refinance term loan facility

CAMBRIDGE Industrial Trust (CIT) said on Monday it will refinance the loan facility granted by National Australia Bank as part of its prudent capital management strategy.

Its manager Cambridge Industrial Trust Management (CITM) said as a result, all of CIT's properties will be fully unencumbered, representing total portfolio value in excess of S$1.4 billion.

Also, following the refinancing, CIT's weighted average debt expiry will be lengthened to 3.4 years with 88.5 per cent of interest rate exposure fixed, and all-in cost of debt stable at approximately 3.65 per cent per year.

"We will have no major refinancing requirements until 2H2018," said CITM chief executive Philip Levinson.

"We will have also significantly insulated CIT from adverse interest rate movements for the next 3.2 years," he added.