"If they just sell 49% of DBCT as many think may happen, is...

"If they just sell 49% of DBCT as many think may happen, is there any precondition in relation to the asset level debt. Do they just pay 49% of that or can they pay down less than 49% of the asset level debt, leaving more available to pay down the corporate level debt."

Actually, this post by Jonkey may have answered my question...

"Under a costing report in 2005 DBCT debt equity ratio was meant to be maintained at 60% for regulatory purposes. After the expansion it would be estimated debt of $1.8 billion on the port. This would mean a $3 billion valuation."

$1.47B (49% of $3B) for 49% of DBCT is the threshhold. Above that figure means they can allocate less than 49% of the net proceeds to paying down the asset level debt and still maintain 60% gearing, thus allowing proportionally more for paying down corporate debt. Below that figure, the reverse applies.