Kiril, if HFA was not in breach or likely to be in breach of covenants, then why did the company make this announcement in early Feb...
"The Company continues to negotiate with the Bank to restructure its US$ loan facility to better suit the current economic environment and during this process the bank has altered and waived various terms of the facility pending the outcome of these negotiations."
It is obviously not a REIT, but loans still have conditions which entitle the banks to call the facility, revise rates, accelerate payments and implement new conditions. As per the announcement, conditions were waived...IMO this is code for we were going to be in breach, but we have agreed revised (and more onerous) conditions with the bank.
As said before, if I was Westpac, a condition of renewal would have been no future dividends until the debt was below a certain level.
any opinion?, page-11
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