The new board and management of Asia Pacific Data Centre Group, or APDC, is proceeding with a new A$100 million financing package and also provided distribution forecasts, along with 360 Capital Group.
360 Capital revised its earnings forecast for 2018 following the close of its takeover offer for APDC in November. It now expects its full-year 2018 group earnings to be 5.5 Australian cents per security, reflecting an 83% jump from the previous forecast of 3.0 cents per security.
The company also expects distributions for full-year 2018 to be 5.50 cents per security, up from the previous forecast of 3.00 cents per security. The distribution forecast comprises 0.75 cents per security for the fourth quarter and 2.0 cents per security for the first and second quarters of 2018.
APDC's new management indicated that it intends to reinstate its quarterly distributions as soon as possible and is forecasting a distribution of 5.0 cents per security for the fourth quarter and 1.75 cents per security per quarter for 2018, subject to completion of the refinancing.
The refinancing facility, signed with Bankwest and National Australia Bank, has a three-year term and expected to be completed before the end of 2017.