- Successful sale of infrastructure investment
- Debt repayments ahead of schedule
- Overall market conditions remain uncertain
Investment Realisations
Keybridge has successfully completed the sale of one of its two investments in Spanish solar facilities. This sale will deliver proceeds of approximately $12 million to the Company.
By the end of the current December quarter, Keybridge will also have received:
- A $3 million repayment of its loan to a US water business;
- The final $2 million of repayments from its loan to an Australian pipeline company; and
- Other repayments totalling approximately $3 million from a range of transactions.
In aggregate, these realisations will have been achieved substantially in line with the Company’s book values as at 30 June 2009.
The Company is working on realisation strategies for a number of its other investments which it currently expects will deliver additional repayments over the next six months.
The conditions in the markets in which Keybridge has participated remain difficult for both the performance and realisation of the Company’s investments. Thus, the Company continues to pursue all avenues to bring forward realisations and to preserve as much value in its investments as possible.
Debt Facility
Under the terms of the Company’s corporate debt facility, repayments totalling $20 million are required to be made by 31 March 2010, with a further $10.5 million due by 30 June 2010.
The Company anticipates satisfying the $20 million repayment obligation by the end of December 2009, three months earlier than required. It also expects to be able to meet on time the further repayment due by June 2010.
The Company will release a quarterly update in early January 2010 and will release its half year accounts on 4 February 2010.
Keybridge Capital is a financial services company that has invested in, or lent to, transactions which predominantly are in the core asset classes of property, aviation, shipping and infrastructure.
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