Bit unclear in my last post.Debt service coverage ratios...

Bit unclear in my last post.

Debt service coverage ratios /serviceability should still range 2.5-3x over 2009. Less on higher principal repayment (unknown). I would negotiate more interest up front in 2009 with big balloons principal repayments in 2010 when when PH is fully operational in 2010. Of course asset sales would reduce a % of principle

Not all the debt would need to be rapid in 2009 or 2010 as happy banks could roll indefinitely. Its about US$200m that is required to be taken out now.

Refi gets done.