Argosy Property cuts borrowing costs, lifts size of bank facility

Tue, 31 Jul 2012

By Jonathan Underhill Aug 1 (BusinessDesk) - Argosy Property, whose shareholders agreed to corporatise the company after buying out its ANZ Bank-owned manager last year, has renegotiated its syndicated bank facility, increasing the amount it can borrow and reducing costs. The facility with ANZ National Bank, Bank of New Zealand and Hong Kong and Shanghai Banking Corp has been increased to $500 million from $450 million, split into two $250 million tranches that expire in June 2015 and June 2017, the Auckland-based company said in a statement....

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