Cromwell Group (ASX:CMW) is restructuring its debt

Cromwell Group (ASX: CMW) announced on Friday that it has successfully refinanced its syndicated debt facilities with a group of nine Australian, Asian and European banks.

The new facilities have a total limit of $1.3 billion with $1 billion already drawn, but more importantly, it extends Cromwell’s, “weighted average debt expiry by 3.6 years and Cromwell’s profile from, 2.9 years to 5.2 years” according to the announcement.

The average cost of debt across all  Cromwell facilities has reduced to 3.25%.

Other REITs such as Charter Hall Retail REIT (ASX: CQR) (3.8%), Mirvac Group (ASX: MGR) (4.8%), DEXUS Property Group (ASX: DXS) (4%) and Investa Office Fund (ASX: IOF) (4.1%)  have higher borrowing costs according to their latest company announcements.

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Motley Fool contributor Kevin Gandiya has no position in any of the stocks mentioned.

You can find Kevin on Twitter @KevinGandiya.

The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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