Arvida Group has completed a refinancing and restructure of its bank debt facilities, resulting in a revolving core and development facility.
The total limit of bank facilities has been increased by $100 million to $775 million, with $325 million allocated to core facilities and $450 million to development facilities.
The weighted average tenure of total debt facilities has been extended to 3.2 years.
The interest coverage ratio has been amended to exclude interest costs on the development facility, and the bank syndicate members have waived the obligation to comply with the ICR financial covenant for the calculation period ending on 30 September 2023.
As of 30 September 2023, $630 million of bank facilities were drawn, with total drawn debt of $755 million.See more