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Available

Utilised

Unutilised

$’000

$’000

$’000

20,000

20,000

180,000

130,000

50,000

15,000

15,000

43,750

36,858

6,892

258,750

166,858

91,892

Notes to the Financial Statements

For the year ended 30 June 2009

24. INTEREST-BEARING LOANS AND BORROWINGS (continued) Financing arrangements (continued)

30 June 2008 Main banking facilities

  • bank overdraft

  • bank loans

  • standby credit facility

  • performance bonds and other non-cash facilities

Note

24(a)

78,736 2,625

44,911 2,125

33,825 500

81,361 3,500

47,036 1,449

34,325 2,051

Project funding – bank loans – performance bonds and other non-cash facilities

24(b)

Leasing facilities

24(c)

Significant terms and conditions

(a) Main banking facilities

The main banking facilities are secured by a fixed and floating charge over all the assets and undertakings of the entities within the Consolidated Entity, other than those assets pledged as security for project funding (see note 24(b)), and other than those assets pledged as security for properties acquired as detailed in note 23 (secured land creditors). The Parent Entity has entered into a cross deed of covenant with various controlled entities to guarantee obligations of those entities in relation to the main banking facilities. Details of entities included in the cross deed of covenant are set out in note 19. There is no overdraft at the year-end and the current interest rates on the bank loans range from 4.01% to 4.56% (2008: 8.44% to 9.13%). Drawings under the standby credit facility are to be repaid in 90 days. This facility was unused at 30 June 2009 and at 30 June 2008.

The Consolidated Entity’s main banking facilities were due to mature on 30 September 2009. The Consolidated Entity has received approval from its bankers renewing the facilities for a further 12 months to 30 September 2010. Documentation is in the process of being completed and is expected to be signed within the next 2 weeks. The renewed main banking facilities will be secured by a fixed and floating charge over all the assets and undertakings of the entities within the Consolidated Entity as mentioned above, and by first registered mortgages over various real estate inventories other than those assets pledged as security for project funding (see note 24 (b)) and secured land creditors (see note 23).

The renewed facilities are expected to be sufficient for the Consolidated Entity’s normal ongoing business operations. The renewed main banking facilities currently being documented are:

Main banking facilities

  • bank overdrafts

  • bank loans

  • standby credit facility

  • performance bonds and other non-cash facilities

Total facilities

#

Facilities as at 30 June 2009 $’000

Facilities Renewed $’000

20,000 180,000 15,000 43,750

2,200 137,800

31,000

258,750

171,000

  • #

    For the facilities renewed, these are interchangeable to $10 million with bank loans.

AVJennings Limited ABN 44 004 327 771 65

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