niks
selling assets reduces both the value of assets and debt whereas saving distributions reduces only debt... thus has a much bigger impact on TLR.
back of the envelope calculation suggests $230m of asset sales will reduce TLR by 1.5%
PS Beware of new liabilities due to fair value losses on interest rate and FX hedges as these will be recognised in the TLR
proof lending covenants might be ok, page-4
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