City Pacific reduces debt exposure
City Pacific has succeeded in reducing its debt exposure, announcing to the Australian Securities Exchange (ASX) today that its City Pacific First Mortgage Fund has paid $50 million of its bank facility.
The company told the ASX that with the payment of the $50 million, the fund had reduced its bank facility from $240 million in January to $130 million, representing a gearing level for the $1 billion fund of 13 per cent.
Payment of the $50 million followed the company last week announcing that the fund had received a loan repayment of $60 million, bringing the total funds repaid by borrowers to the fund this financial year to approximately $855 million.
It said that of the $855 million received by the fund, $655 million was advanced to borrowers in order to complete existing projects in the usual course of their developments.
AUTHOR
Mike Taylor
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