ubs research on bbp, page-20

kingalpha,

after the settlement of the BBPH corporate debt of 118 million the only outstanding debt should be the bbpf debt of 2.45 billion at 8.25 % and the redbank debt of 250 million at 8.04 % and the Oakey debt with the ERM joint venture - this should be less than the 3.2 billion quoted.

the interest cover ratio of 1.35 is on the 2.45 bill. BBPF only for about 200 million per year. All the assets in this pile should be generating in excess of 300 million as the 340 estimated ebitda includes these assets and Redbank and Oakey only. This seems to be covered.