Just on New Years Eve Aveo finalised the refinancing of its corporate funding, establishing a new $275M facility.

This has allowed the group to reduce weighted average cost of debt from 8.6% to below 6%. This reduces their annual cash interest expense by over $10M a year.

This is significant when you consider their 2014 operating profit was $45M. They state the extra cash will fund further village development. Aveo will be announcing its FY15 on 18 February.