Arvida Group Limited (NZX:ARV) advises that an extension to its current bank debt facility was executed yesterday. The bank facility limit has been increased by $100 million to $675 million and ASB has been introduced to the syndicated facility alongside ANZ and BNZ. The additional $100 million has a 3.5 year tenure.

In addition, an amendment to the interest coverage ratio (ICR) has been approved by the syndicate members. The ICR is amended to 1.75x for the next four financial reporting periods to and including 30 September 2024 and is calculated based on an adjusted EBITDA with all interest cost included. All development gains are now included in the calculation. All other material terms and conditions remain unchanged.

As at 31 March 2023, $500 million of bank facilities were drawn.

Total facilities (inclusive of $125 million of retail bonds) are $800 million. Interest rate hedging of $220 million is in place at a weighted average interest rate of 2.8% (excluding margin and line fees).

– ENDS –