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Kiwi Property cancels NZ$133M of debt facilities

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Kiwi Property cancels NZ$133M of debt facilities

Kiwi Property Group Ltd canceled NZ$133 million of its existing bank debt facilities following the completion of its NZ$125 million seven-year senior secured bond offering.

The facilities, provided by ANZ, Bank of New Zealand, Commonwealth Bank of Australia and Westpac, were set to expire in November 2018.

The company's weighted average debt maturity has now been increased by 0.6 years to 3.9 years, according to a release.

As of Dec. 19, US$1 was equivalent to around NZ$1.43.