Steadfast has entered into a $285 million syndicated loan facility to expand its debt capacity.

The facility with Macquarie Bank and ANZ replaces a $180 million loan with Macquarie.

“The [duration] of the new facility is five years in respect of $50 million and three years – with a mechanism for two one-year extensions by agreement of all parties – in respect of $235 million,” Steadfast says.

The change follows the board’s decision to raise the upper end of Steadfast’s target corporate gearing level to 25%, as reported to the market in February.

At the same time MD and CEO Robert Kelly announced a combined equity raising of about $300 million, primarily for acquisitions.

The equity raising included an $89 million placement to institutional investors, a $97 million institutional entitlement offer and a retail entitlement offer to raise $114 million.