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ASPEN GROUP — Capital/Financing Update 2017
May 16, 2017
64404_rns_2017-05-16_11813978-9b86-49af-8b93-1945e9a2bb9c.pdf
Capital/Financing Update
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Aspen Group Limited ABN 50 004 160 927 Aspen Property Trust ARSN 104 807 767 Level 3, 37 Pitt Street Sydney NSW 2000 Telephone: 02 9151 7500 Facsimile: 02 9151 7599 Email: [email protected]
ASX ANNOUNCEMENT 17 May 2017
Aspen Group secures $80 million finance facility
Aspen Group Limited (ASX:APZ) is pleased to announce that it has secured an $80.0 million finance facility from Westpac Banking Corporation. The facility has a tenure of 3 years.
In 2015 Aspen Group extinguished all group debt and created $60.0 million of cash reserves following the disposal of its interest in Aspen Parks Property Fund (“APPF”). Since then, the group has actively rebuilt its portfolio with three high quality tourism acquisitions, gained DA approval for expansion on two of its existing retirement assets, reduced its corporate cost structure and further driven security holder value by purchasing back 10.7 million securities.
Commenting on the new facility, Aspen Group Chief Executive Officer Joel Cann said:
“We continue to gain positive operating momentum post restructure and are encouraged by the growth opportunities that lie ahead.
Establishment of this facility enables Aspen to continue its strategic vision to become an industry leader in the affordable accommodation sector. With a strong pipeline of potential acquisitions the finance facility will provide the group funds to support its corporate objectives.”
The facility is expected to become operational over the coming weeks. Further details will be included in Aspen’s annual report.
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For further information, please contact: Joel Cann Emmanuel Zammit Chief Executive Officer Chief Financial Officer Phone: (+61) 2 9151 7500 Phone: (+61) 2 9151 7500 Email: [email protected] Email: [email protected]