there is a mistake in that first post
the debt covenant over the whole company (ie JV included) is actually 55% gearing
not 50%
look through gearing is actually 46.6%
hasn't the company written off the JV and isn't it supposed to be non recourse?
can't see why the company worries about the debt covenant
why don't they just focus on the gearing levels and covenants in the main company?
At the moment the covenant for the main company is 40%
and the company's actual gearing is around 33%
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