Cambridge Industrial Trust to refinance loan facility

SNGAPORE - Cambridge Industrial Trust(CIT) announced on Monday (Sept 19) that it will be refinancing the loan facility granted by National Australia Bank.

This will result in all of CIT's properties being fully unencumbered, representing total portfolio value in excess of S$1.4 billion, said the trust's manager.

Also, CIT's weighted average debt expiry will be lengthened to 3.4 years with 88.5 per cent of interest rate exposure fixed, and all-in cost of debt stable at approximately 3.65 per cent per annum.

Said Mr Philip Levinson, CEO of the CIT's manager: "This refinancing is the latest step in our prudent capital management strategy and testament to our banking partners' strong support.

"We will have no major refinancing requirements until the second half of 2018. We will have also significantly insulated CIT from adverse interest rate movements for the next 3.2 years, and achieved our goal of a 100 per cent unencumbered portfolio which improves CIT's capital structure and operational flexibility."

NAB has a 56 per cent stake in CIT's manager, with Oxley Group and Japan's Mitsui accounting for 24 per cent and 20 per cent respectively.