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Charter Hall Long WALE partnership prices A$200M private debt placement

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Charter Hall Long WALE partnership prices A$200M private debt placement

A Charter Hall Long WALE REIT partnership priced its first U.S. private placement of A$200 million.

Long WALE Investment Partnership's debt platform has an all-in cost of 5.00% with a 10-year term and will be settled May 11. Net proceeds will used to pay existing bank debts of the partnership.

Following the issuance and as at March 31, Charter Hall Long WALE's weighted average cost of debt is at 4.0%, weighted average debt maturity is 5.3 years, weighted average hedge debt maturity is 6.0 years and look-through debt is 66% hedged or fixed.

The new REIT owns a 45% interest in the partnership, along with its partners Hostplus and Charter Hall Group. The partnership, meanwhile, owns 54 hotels across Australia that are leased to ALH Group for 17.5 years on a triple-net basis.

As of April 3, US$1 was equivalent to A$1.32.