re: Ann: EDT completes US$174 million refinan... The high...

re: Ann: EDT completes US$174 million refinan... The high interest loan can't be paid out until after Dec 2012 but the deal does seem to allow some free cash flow whereas the old arrangement didn't?

I presume from reading the announcement that the old deal was one of those where the lender had enough clout (covenant breach?) to require all spare cash generated to be used for debt pay down.

After the junior loan is repaid it would be good if that released cash for dividends???

The problem is the announcement finishes with "deleveraging remains the major objective of the Trust"

Darn it! Unless it means sales are a priority it doesn't sound like dividends any time soon!