Mirvac Group said today it agreed terms for a new unsecured debt facility of $805m, replacing an existing $1.1bn syndicated facility that had been due to expire in June.

Nine of the 13 lenders in the syndicate participated in Mirvac's new facility.

The property developer’s shares were up 14% at $1 by mid-afternoon, after falling 31% in the three previous days. The benchmark S&P/ASX 200 Index was 1.2% higher.

The Australian