Sorry SarcophagusDont understand your question mate.As at 30...

Sorry Sarcophagus

Dont understand your question mate.

As at 30 June 08, CER owed $664.7m to the debt facility - Bank Bridge Loan, @ a rate of 4.45%.

This was SuperLLC debt and was subject to the refinancing announcement last month.

The interest payable @ 4.45% amounts to $29.58m.

However as this rate is variable along with the Revolving credit facility and a few other facilities I mentioned in my post (all listed in the supplemental report), the cost of this debt has most likely decreased.

Should also note that CER's intention would be after paying off any debt which is held as security against any assets sold, the remaining proceeds from the sale would most likely be used to pay off debt which has a high rate of interest.

Profits from SuperLLC and CSF would also be used to pay off debt that has the highest possible rate of interest.

YOu would think that profits from SuperLLC would be used to pay down the following debt facility for example (row 17 of my spreadsheet):

CMBS - MSMC
Interest rate: 11.67%
Debt: 77.6m

Paying down this debt for example, will lower CER's interest bill dramatically as opposed to paying down the bank bridge loan.

The debt that was rolled over last month has not been paid down at all in the last year.

Look at the supplemental reports for 31 Dec 07 and 30 June 08. The bank bridge loan, revolving credit facility etc were not paid down as the cost of debt on these facilities is quite low. This is extrmemely cheap debt and as mentioned earlier you would expect the cost of this variable debt to fall even further.

Cheers