Ing Scores $325m Loan After Debt Refinancing

The Age

Wednesday April 23, 2008

Natalie Craig

ING Industrial Fund has been granted a $325 million unsecured loan from a syndicate of lenders that will allow it to repay all its short-term loans.

The Sydney-based listed property trust intends to invest in industrial properties and business parks worth more than $6 million. Its debt to total assets ratio is 38%.

The unsecured loan, provided mostly by ANZ, ING Real Estate Finance and Westpac, follows the successful refinancing of $1.46 billion of debt, which the fund will now repay over three years.

ING Industrial Fund chief executive Paul Toussaint said the new loan would bring the fund's total refinancing commitment over the next two years to less than $175 million a year.

More than $1.6 billion of debt from Australian lenders now matures in the 2011-12 financial year. The fund closed up 2.79% at $2.09. -- NATALIE CRAIG

© 2008 The Age

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