re: Ann: AET Refinances $134m Debt on Improve... Madoff,
I couldn't reconcile the small increase in distribution to the stated annual savings of $2.3 c per unit until I thought about the transaction costs.
AEU paid out an out of the money swap 5 months early or so. This would have been about $1.0 m maybe, this is a cash cost and reduces distributable earnings in 12 13. Also Folkstone will receive a management fee of 0.5% for the refinance. Again this reduces 2nd half distributions.
The music starts in 13 14 when we get a full years benefit of the refinance without the hedge payout and the fee for managing the refinance. I am expecting, hoping for, about 13.0 cents including the benefit of CPI in the second quarter.
Long may the music play.
Well done to the manager.
Cheers
re: Ann: AET Refinances $134m Debt on Improve... Madoff,I...
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