AMP NZ Office Trust (ANZO) announced yesterday it had renewed half its NZ$485 million lending facility with Bank of New Zealand and Westpac for a fresh 3 year term. The rest of the facility expires in October next year and will be renegotiated before then, the Wellington based prime office building owner reported. "This provides financial security for ANZO to continue to grow, while also helping to manage and reduce risk to earnings," said ANZO CEO Robert Lang, adding ANZO had received keen interest from other banks. "The facility renewal and the outcomes achieved demonstrate ANZO's ability to access credit in challenging and difficult credit market conditions," Lang said. The bank facility's blended interest rate rose to 7.87% from 7.56%. ANZO's bank gearing of bank debt to total assets stood at 28% at the end of September, which was lower than ANZO's ceiling of 40%. * This article was first published yesterday in our daily subscription newsletter for the banking and finance industries. The email costs NZ$365 per annum and carries exclusive news and analysis for New Zealand banking and finance industry executives, regulators and investors. Sign up for a free trial here.
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