ASX-listed Abacus Property Group has negotiated and agreed terms to increase and extend $2 billion of syndicated and bilateral banking facilities with improved pricing.
It now has a weighted average debt maturity of over 4.5 years, with no debt expiring in FY23, and the majority expiring from FY26 onwards. Group gearing is circa 30%.
Interest rate hedging was increased to now sit at 76% and 50% hedged in FY23 and FY24 respectively.
Abacus reaffirmed its full year distribution guidance of at least 18.0c per stapled security for, reflecting a payout ratio in the range of 85-95% of funds from operations.