The Abacus Property Group (ASX: ABP) is offering new debt facilities amounting to $536 million.

The new arrangements come after the group recovers to a full year profit. The net profit for the 12 months to June 30 was $25.44 million.

Around $400 million of the new debt facilities will cover the existing club facility, while $80 million will be for the working capital facility. The Metcash portfolio facility will have $56 million.

The Australia and New Zealand Banking Group (ASX: ANZ), Westpac Banking Corporation (ASX: WBC), Commonwealth Bank of Australia (ASX: CBA), and Bank of Nova Scotia comprise the new three-year $400 million syndicated bank debt facility. ANZ takes the role of lead arranger and bookrunner.

The same security and covenant package as its existing club facility that matures in February 2011is incorporated in the new facility.

An increase from 45 percent to 50 percent was made in the total gearing covenant, while a reduction from 55 percent to 50 percent was made on the loan to valuation ratio test. The group’s gearing is around 22 percent and its covenant gearing is around 28 percent.

The working capital bank debt facility with ANZ was renewed for a further three years. The Metcash portfolio has another five years.