TIDMRDF

RNS Number : 4937G

Redefine International PLC

12 May 2011

Redefine International plc

("Redefine International" or "the Company")

Cromwell Completes Debt Refinances

Redefine International, the AIM listed property investment and development company, is pleased to announce that its 22.2% held associate company, Cromwell Property Group Australia, today confirmed the refinancing of two major debt facilities.

The announcement, released on the Australian Stock Exchange earlier today, is set out below and is for information purposes only.

CROMWELL COMPLETES DEBT REFINANCES

As highlighted in its December half year results presentation Cromwell Property Group (ASX: CMW) is pleased to confirm the refinancing of two debt facilities.

The first is a syndicated debt facility of approximately $397.8 million primarily secured by first registered mortgages over 15 of the investment properties held by Cromwell Property Group. This facility was originally set to mature in November 2011.

The second is a debt facility of approximately $132.7 million primarily secured by first registered mortgages over the TGA Property in Canberra and the 200 Mary Street and Synergy properties in Brisbane. These facilities were due to mature between April and August 2011.

Each of the new debt facilities have been set for a term of three (3) years.

The refinancing of these facilities means the Group has no further debt facility expiries until July 2013 and a weighted average debt maturity of 3.0 years (as at 30 April 2011). The average margin across all drawn facilities is now 2.05% p.a.

Following completion of the refinance, Cromwell Property Group's debt exposure is now spread amongst the four major Australian banks and one offshore bank at levels that allow sufficient capacity for funding of future acquisitions in the future.

Cromwell CEO Paul Weightman said "The early refinancing of the syndicated debt facility, which was due to expire in November 2011, provides security holders with assurance that the Group's debt position is secure.

In line with Cromwell's risk averse strategy, we felt it was prudent to provide the market with certainty regarding our long term debt arrangements."

Cromwell will continue to pursue opportunities in the market, safe in the knowledge that our debt position gives the Group a secure base from which to grow."

Group Treasurer, David Gippel, said the refinancing of these facilities is further confirmation that the Cromwell brand and strategy is well supported by all four major Australian banks.

Media Enquiries: Cromwell Securityholder Enquiries:

David Gippel Investor Services Centre

Group Treasurer 1800 334 533 (within Australia)

+61 7 3225 7777 +61 7 3225 7777 (outside Australia)

david.gippel@cromwell.com.au invest@cromwell.com.au

For further information, please contact:

 
 Redefine International plc                                    +27 (0)21 683 
  Gavin Tipper - Chairman                                               3829 
 Nominated Adviser and Broker to Redefine International 
  plc 
  Singer Capital Markets                                      +44 (0)203 205 
  Jeff Keating                                                          7500 
 Redefine International Fund Managers Limited 
  Miles Walton                                             +1 (284) 494 9820 
 Redefine International Management Limited                   +44 (0) 207 811 
                                                                        0100 
 Mike Watters

12 May 2011

This information is provided by RNS

The company news service from the London Stock Exchange

END

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