Australand agrees to A$1.3 billion unsecured loans
Australand Property Group, the Australian unit of Singapore's CapitaLand Ltd., agreed to A$1.3 billion in unsecured syndicated bank loans, replacing A$1.15 billion of secured debt.
Property developer Australand has downgraded its profit forecast of just two months ago, but should be able to pay down a $563 million loan facility due on June 30 after its banks agreed to refinancing.