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Abacus Property Refinances Debt Facilities

Abacus Property Group has arranged new debt facilities totalling $536 million covering its existing club facility ($400 million), working capital facility ($80 million) and its Metcash portfolio facility ($56 million). A new 3 year $400 million syndicated bank debt facility comprising ANZ (mandated lead arranger and bookrunner), Westpac, Commonwealth Bank and Bank of Nova Scotia has replaced Abacus existing $400 million club facility that matured in February 2011. The facility was priced at 225bps over BBSY and incorporates essentially the same security and covenant package. The total gearing covenant has, however, been increased from 45% to 50% and the LVR test has been reduced from 55% to 50%. As previously advised on 20 July 2010 the group's gearing is circa 22% and covenant gearing is circa 28%. Abacus has renewed its $80 million working capital bank debt facility with ANZ for a further 3 years. This facility allows Abacus to borrow additional amounts on assets secured by the syndicated facility (ie up to an LVR of 65%). The covenant package for this facility has not changed in any material respect. Finally, Abacus has also renewed for a further 5 years its $56 million facility secured by Abacus's portfolio of Metcash managed IGA stores with ANZ. The LVR of this facility will reduce from 65% to 50% at December 2010. The covenant package has not changed in any other material respect. The average spread (cost of margin and line fees) of these three facilities, on a fully utilised basis, is less than 250bps. The weighted average term of these new facilities is 3.2 years. Abacus' undrawn aggregate capacity (across all facilities) is now over $250 million and available liquidity is approximately $125 million. The Group has only $13 million of debt expiring in FY11.