RUBICON Japan Trust has been given an extended lifeline by the National Australia Bank yesterday.
NAB has extended a $60 million loan to RJT to April 30, 2009 at a higher interest rate of 4.0% per annum from 2.75%.
The new agreement will remove RJT’s exposure to further margin calls under the foreign exchange hedging arrangements.
Under the revised arrangements with NAB, no distributions to unitholders, including the distribution declared with respect to the six month period ending December 31 2007 are permitted over the period to April 30 2009.
Australian Property Journal
