BABCOCK & Brown Japan Property Trust said yesterday Babcock & Brown's corporate facility does not impact on the debt position of trust.
Babcock & Brown Japan Property Management Limited’s managing director Eric Lucas said the trust’s debt has no market capitalisation-related potential review events or covenants in respect of either BJT or Babcock & Brown and no other conditions relating to the financial position of Babcock & Brown.
Lucas said BJT currently has available cash of $A56.7 million following the sale of two properties in March 2008. With the exception of a $A56.5 million facility maturing in December 2008, BJT has no material refinancing requirements until March 2010.
In addition, he noted gearing, net of available cash, is currently 54.8% and the weighted average term of BJT facilities is 3.5 years with 75% of the debt at fixed interest rates for an average term of 4.2 years.
BJT’s share price closed 0.5 cents higher at 91 cents.
Australian Property Journal
