Charter Hall Long WALE REIT secures $200 million of additional long term debtright-arrow
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by Charter Hall Announcements

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Charter Hall WALE Limited, as responsible entity of the Charter Hall Long WALE REIT (ASX:CLW) (“CLW”), is pleased to announce that CLW has priced $200 million of Australian dollar medium term notes (Notes), which will be issued with an 8.5-year duration, maturing in December 2029.

The Notes were priced at a fixed coupon of 2.66% and, consistent with previous issuances, CLW has swapped the fixed rate notes to a floating rate exposure, providing a weighted average cost of debt for the Notes of 1.3%1.

The Notes are expected to settle on 17 June 2021 and will increase CLW’s investment capacity to approximately $330 million, providing significant capacity to pursue future investment opportunities as they arise.

Following the issue of the Notes, CLW’s weighted average debt maturity will increase to 5.6 years (as at 30 June 2021), with staggered maturities over a seven year period from FY24 to FY31.

Avi Anger, Charter Hall Long WALE REIT Fund Manager, commented:

“We are very pleased that CLW was able to complete a repeat issuance in the Australian dollar medium term note market and further extend our debt maturity profile at a competitive funding cost. CLW’s sector leading long WALE of 13.8 years2 together with the maturity profile and diversity of our debt are important features that contribute to the investment proposition that CLW offers. The additional investment capacity provides scope for further accretive deployment to drive earnings growth.”

1 90 day BBSW + 1.3% weighted average swapped back margin

2 As at 31 December 2020, pro-forma adjusted as outlined in the acquisitions and equity raising presentation released to ASX on 18 May 2021.

Announcement authorised by the Chair

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