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BRIEF-Gdi Property Increases Size And Extended Term Of Principal Facility

Published 01/05/2020, 06:06 pm
Updated 01/05/2020, 06:12 pm
© Reuters.

May 1 (Reuters) - GDI Property Group Ltd GDI.AX :

* INCREASED SIZE AND EXTENDED TERM OF PRINCIPAL FACILITY

* PREVIOUS $140 MILLION LOAN FACILITY TO EXPIRE JAN 31, 2021, PRINCIPAL FACILITY INCREASED TO $210 MILLION AND NOW EXPIRES ON JULY 31 2022

* AS CURRENT DRAWN DEBT OF $120.0 MILLION

* INCREASE IN FACILITY SIZE GIVES $85 MILLION OF LIQUIDITY TO SETTLE 180 HAY STREET, PERTH, AND CAPITALISE ON CURRENT MARKET VOLATILITY

* RECEIVED SOME REQUESTS FOR RENT RELIEF ACROSS PORTFOLIO OF ASSETS IN BOTH PROPERTY AND FUNDS MANAGEMENT DIVISIONS

* SUBJECT TO NO FURTHER MATERIAL CHANGES, FY20 DISTRIBUTION PER SECURITY WILL BE 7.75 CENTS

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