03/10/2007 - 13:30

ARK Fund ups debt facility to $27m

03/10/2007 - 13:30

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South Perth-based agricultural investment company the ARK Fund Ltd has increased the size of its debt facility with the National Australia Bank to $27 million, the company has announced.

South Perth-based agricultural investment company the ARK Fund Ltd has increased the size of its debt facility with the National Australia Bank to $27 million, the company has announced.

 

 

The full text of a company announcement is pasted below

The Directors of the ARK Fund Limited (ARK) are pleased to announce that ARK has increased the size of its debt facility (Facility) with the National Australia Bank (NAB) to $27M. The Facility is complete and currently available for drawdown.

The key terms of the Facility are as follows:

Amount$27M
Term10 years
Interest Rate BBSW + 1% margin
Interest Rate (Current)7.79%
Nature of Facility Non Amortising and Revolving


The Facility is supported by Rewards Group Limited who has provided additional security and a corporate guarantee to NAB, at no cost to ARK. Rewards, ARK and NAB have agreed that the security and guarantee will be released when the ratio of ARK s debt to the value of its property assets falls below 60%.

The purpose of the Facility is to finance agricultural land acquisitions and agriculture infrastructure transactions that ARK plans to complete over the next 60 days.

Specific details of each of these acquisitions will be disclosed as and when each transaction is concluded.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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