Aventus Group Successfully Completed $200 million Debt Refinancing

  • Apr 01, 2019 AEDT
  • Team Kalkine
Aventus Group Successfully Completed $200 million Debt Refinancing

Aventus Group (ASX: AVN) owns and manages large format retail centres in Australia. Recently, the group replaced its existing $200 million debt facility expiring in October 2020 with new facilities maturing in October 2023.

In an announcement made on 1 April 2019, the company announced the successful completion of a $200 million debt refinancing, taking the Aventus’ weighted average debt expiry to 4.4 years as at 1 April 2019. The group now has no debt maturing until May 2022.

The group has also confirmed that there is no change to the FY 2019 earnings guidance that has been provided to the market.

While commenting on the Debt refinancing, Aventus CFO Mr. Lawrence Wong told this latest round of refinancing has significantly extended almost a quarter of Aventus’ loan book and ensures that the group has no debt expiring in the next 3 years. He further told that the new facilities are on competitive terms and they are demonstrating strong financial support from the group’s lenders.

The group recently declared a distribution of 4.16 cents per security for the quarter ending 31 March 2019. The distribution is having a payment date of 22 May 2019.

For the half year ended 31 December 2018, the company reported revenue from ordinary activities of $84.2 million which is 1.3% higher than the previous corresponding period (pcp), driven by the increases in rental and other property related income.

Further, the company also reported a net profit of $63.7 million which was $11.3 million or 6.3% lower than pcp, driven by a $32.0 million decrease in net fair value gains on investment properties and a $19.5 million decrease in transaction costs.

During the half year period, property valuation gains of $26 million were achieved in the portfolio, taking the value of assets under management to $2.1 billion. The company reported Funds from Operations (FFO) of $47 million or 9.2 cents per security and Distributions of 8.2 cents per security. The Weighted Average Capitalisation Rate (WACR) of the portfolio has remained stable at 6.7% since December 2017. The company’s portfolio performed solidly during the half-year period with organic income growth supplemented by the completion of development projects.

The company is aiming to drive sustainable earnings from the portfolio by diversifying the tenant base with a focus on increasing Everyday-Needs uses. Further, the company is reinvesting into the portfolio to enhance shopper experience and capitalise on attractive development returns. While providing the half-year results, the company’s board has reaffirmed its FY19 guidance for FFO per security of 18.4 cents.

On the stock performance front, in the past six months, the share price of the company increased by 1.36% as on 29 March 2019. AVN’s shares are trading at $2.260 with a market capitalisation of circa $1.2 billion as on 1 March 2019 (AEST 2:30 PM). It has 52 weeks high of $2.340 and 52 weeks low of $1.905 with an average volume of ~300,030.


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