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.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
DBS puts 46 retail units, HDB shops on market for S$210 million
US mortgage rates jump above 7% for the first time this year
Far East Shopping Centre back on market at unchanged S$928 million asking price
London mansions sold at 30% discount spell gloom for luxury market
Delfi Orchard up for collective sale at S$438 million guide price
US existing home sales drop in March; median price increases