Partial Refinancing of Bank Facilities

NZX and media
announcement
—
4 December 2018


PARTIAL REFINANCING OF BANK FACILITIES

NZX listed industrial property landlord Property for Industry Limited (PFI, the Company) has today
announced the refinancing of $37.5 million of bank facilities.

Tranche A, which previously totalled $87.5 million, is due to expire on 4 May 2020. Following the
refinancing, Tranche A has been reduced to $50 million.

Tranche B, which totals $187.5 million and is due to expire 4 May 2021, remains unchanged.

A new third tranche, Tranche C, totalling $37.5 million, has been provided by existing lenders ANZ, BNZ,
CBA and Westpac, with an expiry date of 4 May 2022.

Post this partial refinancing, the weighted average term to expiry of PFI’s bonds and bank facilities has
increased by 0.2 years to 4.1 years as at today’s date, as illustrated in the graph below.

Debt facility maturity profile ($m):


PFI Chief Financial Officer and Company Secretary, Craig Peirce, noted: “This partial refinancing
ensures that PFI now has all core debt
1
secured in bonds and bank facilities with expiry dates in excess
of 2.4 years
2
, with additional liquidity available in the shorter dated Tranche A.”

ENDS
ABOUT PFI & CONTACT

PFI is an NZX listed property vehicle specialising in industrial property. PFI’s nationwide portfolio of 94 properties is leased to
146 tenants.

For further information please contact:

SIMON WOODHAMS CRAIG PEIRCE
General Manager Chief Financial Officer and Company Secretary
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Phone: +64 9 303 9652 Phone: +64 9 303 9651
Email: woodhams@pfi.co.nz Email: peirce@pfi.co.nz
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Property for Industry Limited
Shed 24, Prince’s Wharf, 147 Quay Street, Auckland 1010
PO Box 1147, Shortland Street, Auckland 1140
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www.propertyforindustry.co.nz
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1
PFI defines core debt as 105% of forecast debt requirements.
2
As at today’s date.