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Centuria Industrial REIT Announces Successful Refinancing of CIP Debt Facilities

19 May 2017  |  13:19:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: Successful Refinancing of CIP Debt Facilities

Centuria Property Funds No.2 (CPF2L) as Responsible Entity of the Centuria Industrial REIT (CIP) has completed the refinancing of its existing $420m bank debt. CIP has entered into agreements for three new facilities operating under a common terms structure with a total limit of $450m at an anticipated "all in" rate of 4.2%. The new facilities have been sourced from two domestic banks, Bankwest & Westpac and an offshore financier, Prudential Insurance Company of America, improving the diversity of funding and extending CIP's debt tenor to 3.3 years with a weighted average all in margin of 1.6%. As a result of the refinancing $320m of CIP's existing swap agreements will be terminated and CIP's hedging profile will be 60% hedged on settlement.

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