ICBC contributes NZD 6.1875 million to NZD 12.375 million syndicated term loan facility to Centuria NZ Property Fund for debt refinancing purposes

Project narrative

In October 2021, ICBC and ASB Bank signed an agreement to provide a NZD 12,375,000 syndicated term loan to the Centuria NZ Property Fund Nominee Limited (CNZPF Nominee Ltd.). Proceeds from the facility will be used to refinance existing debt held by the borrower. The facility carries a floating interest rate based on the greater of the Bank Bill Benchmark Rate or 0%, with a margin of 156 basis points, along with a line fee of 0.84%. The facility has a maturity of 3 years, maturing on October 29, 2024. The facility is securitized by first ranking mortgages over the titles to all properties, first ranking general security deed over all assets of the Fund and the Custodian, and a specific security agreement over the Fund and Custodian bank accounts, lead agreements, and rental bonds. ICBC and ASB each contributed NZD 6.1875 million to the facility.