Centuria Property Funds Limited (CPFL) as Responsible Entity of Centuria Office REIT  has announced it secured an additional seven-year debt facility from Crédit Agricole, which results in a:

• weighted average debt maturity increase from 3.4 years to 3.7 years, as at April 2020
• further diversified number of debt lenders to five
• an increase in undrawn debt to $131.5 million
• competitive all-in cost of debt maintained at approximately 2.3%

This new, long duration debt facility enhances COF’s available liquidity while further diversifying COF’s debt maturity profile, with no debt facility expiring until June 2022. The terms of the new debt facility, including debt covenants of 50% loan to value ratio and 2.0x interest cover ratio, are the same as the existing debt facilities.