City Pacific chips away at debt block
The City Pacific First Mortgage Fund has reduced its debt obligations by a further $8.2 million, takings its bank facility to approximately $120 million.
This represents a halving of its debt obligations reported in January this year, which then stood at $240 million.
According to City Pacific company Secretary, James Finucan, loan repayments made to the fund over the past six months have allowed the fund to continue to repay its bank facility while also allowing for the completion of projects in order to preserve the value of the fund.
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