Australia-based development company Aspen has secured an extension for its $120m core debt facility with the National Australia Bank.
The new terms includes an extension of the facility maturity date by 18 months to 31 August 2015, while all other terms and conditions of the facility remain same.
The move is a part of company’s strategic plan of de-risking its balance sheet, Aspen added.
Commenting on the extension, Aspen Group CFO Brett Fullarton said the extension was a very positive outcome.
"We are pleased to continue our relationship with National Australia Bank. The extension provides us with a secure funding platform for our core property operations," added Fullarton.
Meanwhile, Aspen has also secured a 12-month extension of the $33m Aspen Development Fund No. 1 (ADF) facility to February 2015.