That facility you refer to would have been undertaken for the...

That facility you refer to would have been undertaken for the purpose of acquisition of the Lattice assets. It would have had terms, conditions and security relating to that acquisition.

One can be pretty certain that if BPT were to have a go at COE, that it would arrange a totally different debt facility for any acquisition of COE.
It would have different terms, different lenders, different security arrangements, different covenants and different pricing.
And of course, if they offered scrip consideration, perhaps they wouldn't even need any debt??

It has always made sense to me, that COE would be a very attractive target for BPT.
Having said that, Seven is now bidding for Boral - so Seven may not be in a position to support BPT in an equity raising at the moment. There are plenty of qualifications for that comment though. I cannot see Seven sitting back and watching their stranglehold on BPT equity position being diluted though.