PFI Refinances Liquidity Facility

PFI REFINANCES LIQUIDITY FACILITY

Property for Industry Limited (PFI, the Company) is pleased to announce that it has refinanced its liquidity facility with a seven-year term loan facility from the Commonwealth Bank of Australia, New Zealand Branch (CBA).

The facility expiry date has been extended by six years from 19 March 2022 to 16 April 2028 and the facility has been increased from $100 million to $125 million. The extended and increased facility is in addition to PFI’s bonds and syndicated bank facility PFI, which are detailed in the table below: (see the table in the attached PDF).

Post this refinancing, the weighted average term to expiry of PFI’s bonds and bank facilities has increased by 1.2 years to 3.7 years as at today’s date, as illustrated in the graph below: (see the graph in the attached PDF).

PFI Chief Finance and Operating Officer, Craig Peirce, notes: “We are delighted to have converted our liquidity facility into a long-term loan from one of our key banking partners, CBA. High levels of liquidity from a diverse range of sources, and the proceeds from the contracted divestment of Carlaw Park, provide us with funding flexibility to continue to target acquisitions of core industrial properties, as well as advancing our plans for some of our strategic sites.”

ENDS

ABOUT PFI & CONTACT

PFI is an NZX listed property vehicle specialising in industrial property. PFI’s nationwide portfolio of 95 properties is leased to 150 tenants.

For further information please contact:

SIMON WOODHAMS
Chief Executive Officer
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Phone: +64 21 749 770
Email: [email protected]
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CRAIG PEIRCE
Chief Finance and Operating Officer
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Phone: +64 21 248 6301
Email: [email protected]
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Property for Industry Limited
Shed 24, Prince’s Wharf, 147 Quay Street, Auckland 1010
PO Box 1147, Shortland Street, Auckland 1140
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www.propertyforindustry.co.nz

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Announcement PDF