THAKRAL Holdings has negotiated a new $460 million facility from the Commonwealth Bank for 12 months maturing on August 31 2013.
The deal removes the short term debt uncertainty hanging over Thakral, which had a $500 million facility with an outstanding amount of approximately $430 million and it is due to expire in September 2012.
Last week, Brookfield Asset Management seized on this uncertainty and said Thakral should accept its $0.70 cents per stapled security takeover offer.
Tharkal’s independent expert Grant Samuel has valued the company between $0.88 cents and $0.96 cent, therefore Brookfield’s offer is 24% below the mid-point value.
Brookfield hit back at the valuation telling Thakral, that price is theoretical and is unlikely to be realised.
Thakral said in a statement yesterday that the new debt facility demonstrates the strong support Thakral has from its lenders and it will provide flexibility in light of the current Brookfield takeover offer.
Property Review
