Asset Plus Limited has announced that it has secured a loan extension with BNZ to 31 March 2025.
The overall facility limit has increased from $83.5 to $85 million and a lockbox of $5 million has been placed to remove the ICR covenant.
The terms of the loan also include that the development facility converts to an investment facility upon practical completion of Munroe Lane and no distributions can be paid without BNZ's consent.
The lockbox is to be funded by the net sale proceeds from Kamo (expected to settle on 30 November 2022), working capital and the increase in the facility limit.
Further details will be outlined in the interim financial results presentation which is to be released on 29 November 2022.
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