ANZO secures new three-year bank debt facilityNovember 6, 2008 AMP NZ Office Trust (ANZO), New Zealand’s largest listed investor in prime commercial office property, has confirmed that it has taken the opportunity to renew 50 percent of its bank debt facility with its two existing banks. ANZO chief executive Robert Lang said the trust’s total bank debt of $485 million had been due to expire in its entirety in October 2009. However, ANZO had proactively sought a new arrangement ahead of time, negotiating a new three-year term with the Bank of New Zealand and Westpac for a planned 50 percent or $242.5 million of the facility, with the remainder to be addressed prior to October 2009. “This provides financial security for ANZO to continue to grow, while also helping to manage and reduce risk to earnings,” said Mr Lang. He added that ANZO had also received keen interest from other banks. “The facility renewal and the outcomes achieved demonstrate ANZO’s ability to access credit in challenging and difficult credit market conditions.” The new blended interest rate for ANZO’s total bank facility is 7.87 percent (including margins), up slightly from 7.56 percent. ANZO’s bank gearing (bank debt to total assets) at 30 September 2008 was 26.3 percent, well below its self-imposed ceiling of 40 percent. At 30 September 2008, 84.7 percent of ANZO’s total bank debt was hedged through interest rate swaps for an average duration of more than five years. ANZO’s interest rate swap portfolio is not exposed to any swap maturities or unhedged swap maturities in the next 12 months. In addition, no more than 25 percent of ANZO debt cover matures in any 12-month period for the next four years. ANZO is managed by AMP Haumi Management Limited. About ANZO
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