ANZO secures new three-year bank debt facility
AMP NZ Office Trust (ANZO), New Zealand''s largest listed investor in prime
commercial office property, has confirmed that it has taken the opportunity
to renew 50 percent of its bank debt facility with its two existing banks.
ANZO chief executive Robert Lang said the trust''s total bank debt of $485
million had been due to expire in its entirety in October 2009. However, ANZO
had proactively sought a new arrangement ahead of time, negotiating a new
three-year term with the Bank of New Zealand and Westpac for a planned 50
percent or $242.5 million of the facility, with the remainder to be addressed
prior to October 2009.
"This provides financial security for ANZO to continue to grow, while also
helping to manage and reduce risk to earnings," said Mr Lang. He added that
ANZO had also 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."
The new blended interest rate for ANZO''s total bank facility is 7.87 percent
(including margins), up slightly from 7.56 percent.
ANZO''s bank gearing (bank debt to total assets) at 30 September 2008 was 26.3
percent, well below its self-imposed ceiling of 40 percent. At 30 September
2008, 84.7 percent of ANZO''s total bank debt was hedged through interest rate
swaps for an average duration of more than five years. ANZO''s interest rate
swap portfolio is not exposed to any swap maturities or unhedged swap
maturities in the next 12 months. In addition, no more than 25 percent of
ANZO debt cover matures in any 12-month period for the next four years.
ANZO is managed by AMP Haumi Management Limited.
About ANZO
ANZO is New Zealand''s largest listed investor in prime and A-grade commercial
office property. A unit trust listed on the New Zealand Exchange, ANZO
currently owns 15 New Zealand office buildings with a total gross value of
more than $1.5 billion - Auckland''s PricewaterhouseCoopers Tower, ANZ Centre,
IAG House, AMP Centre and 21 Queen Street; and Wellington''s State Insurance
Tower, Vodafone on the Quay, HP Tower, 125 The Terrace, No. 1 and 3 The
Terrace, Pastoral House, Mayfair House, AXA Centre, Deloitte House and 29
Willis Street.
-ends-
Media enquiries:
Robert Lang Sue Ryan
Chief Executive Officer Communications Manager
AMP NZ Office Trust AMP NZ Office Trust
Office: +64 4 494 2268 Office: +64 4 494 2260
Mobile: +64 29 494 2268 Mobile: +64 29 494 2260
Email: robert.lang@anzo.co.nz
End CA:00172468 For:APT Type:GENERAL Time:2008-11-06:14:00:11