News 2010

30.04.2010  Banking Facility Amendments

Company Update - Bank Facility Amendments

Western Australian property developer ASX-listed Port Bouvard Limited (ASX: PBD) ("the Company") is pleased to announce that it has secured revised bank facility ("Revised Facilities") terms for its facilities with St George Bank.

Amendments to the facilities will be effective from 30 April 2010 with the major changes to the existing facilities set out below:

Revised Facilities Facility Limit Term Expiry Changes to Key Covenants
Land Acquisition Facility $50 million 31 December, 2011
  • Underwritten Capital raising by 30 June, 2010; and
  • Permanent debt reduction of $20 million to be made by 15 July,2010
Oceanique Luxury Apartments Facility $101 million 31 October, 2011

Permanent debt reduction milestones as follows:

  • payment of $75 million by no later than 31 December, 2010;
  • payment of $10 million by no later than 30 June, 2011; and
  • full clearance of the debt facility by the expiry date (31 October 2011).
Working Capital Facility $16.6 million 31 December, 2011 No Change

 

The Revised Facilities provide sufficient flexibility for the Company to be in a position to implement its capital management strategy, once the strategy is finalised. The Company anticipates providing a further update on the proposed finalisation of its strategy within 1 - 2 weeks.

The Company notes and appreciates the support of St George Bank as it finalises its capital management strategy.

<< END >>

Mr Lee Verios, Chairman
Port Bouvard Limited
Tel: 08 6436 2203

Mr John Wroth, Chief Executive Officer
Port Bouvard Limited
Tel: 08 6436 2203

Mr David Tasker
Professional Public Relations
Tel: 08 9388 0944; 0433 112 936


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