ALE Propety refinances debt

ALE Property Group has taken advantage of demand in the bond markets to refinance a large chunk of its debt. In all, $325m out of $407m of debt facilities will be refinanced, including $160m of commercial mortgage-backed securities ('CMBS') and $165m of ALE Notes 2. They will be replaced by $335m of Australian Medium Term Notes (AMTN), leaving $10m of cash in the company's coffers, less costs. The CMBS were due in May 2016 and were costing 6.17% (including a margin of 2.34%), while the ALE Notes 2 were due from August this year and cost 7.83% (including a...

ALE Property Group has taken advantage of demand in the bond markets to refinance a large chunk of its debt.

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