If it is true that ANZ are providing CNP with a $50m facility this week, I would expect that it would be a specific Shopping Centre development loan, rather than working capital. Therefore, it is a loan secured against an asset.
A figure of $50m would seemingly be too high for working capital (including Advisors fees) imo, but too low to buy out a debt facility like a delinquent Bank that has not fallen into step with the other lenders re; an extension; and could make trouble for the whole group.
Cheers, Pie :-)
CNP Price at posting:
0.0¢ Sentiment: None Disclosure: Held
