Aspen extends $120m debt facility

Developer and funds manager Aspen Group has secured an 18-month extension to its $120 million finance facility with National Australia Bank.

All other terms and conditions of the facility remain unchanged, Aspen said.

The facility maturity date is now August 31, 205.

Chief financial officer Brett Fullarton described the extension as a positive outcome.

“We are pleased to continue our relationship with National Australia Bank,” Mr Fullarton said in a statement.

“The extension provides us with a secure funding platform for our core property operations.”

Aspen also announced today it had secured a 12 month extension to its $33 million Aspen Development Fund No.1 to February 2015.

At close of trade, the developer’s stock was up 7.9 per cent, trading at 20.5 cents.