Australand has secured a A$350 million facility from three Australian banks to repay a A$563 million debt facility expiring in June 2009.
Meanwhile, A$100 million of a A$150 million unsecured debt coming due in 2009 have also been successfully renewed, while the balance A$50 million is still under discussion.
Except for the extensions, some of the covenants for the borrower's A$950 million multi-option facility have also been amended. The interest cover ratio has been reduced to two times from 2.5 times, while the gearing covenant has been decreased to 55% from 60%.
Banks are now putting together a two-month extension of Fisher Paykel Appliances Holdings' A$80 million interim facility signed in March 2009, ...