360 Capital Group gained approval for a planned repayment of its A$75 million issuance from bond holders, pursuant to the company's sale of 360 Capital Investment Management Ltd. to Centuria Capital Group.
The repayment of the bonds, which is expected to take place Jan. 9, 2017, will require the settlement of the Centuria transaction as a preceding condition. The company will be debt-free post-settlement, according to a release.
Other preceding conditions for the transaction with Centuria include the approval of 360 Capital Group's security holders for the proposed appointment of 360 Capital FM Ltd. as its responsible entity Dec. 23. Another condition to be met for the bond repayment is the granting of permission from 360 Capital Office Fund unit holders for the sale of a 28.8% stake in the listed office fund to Centuria and its associated entities Dec. 30.
As of Dec. 14, US$1 was equivalent to A$1.33.