report here

Rubicon Asset Management Limited
ABN 39 095 433 720
Level 2
287-289 New South Head Road
Edgecliff NSW 2027
P +61 2 9302 2100
F +61 2 9302 2150
ASX RELEASE
1 April 2008
The Manager
ASX Limited
20 Bridge Street
Sydney NSW 2000
Rubicon Japan Trust (ASX: RJT) – Update on amendments to the NAB facility
We refer to the announcement made by Rubicon Japan Trust (RJT) on 25 March 2008.
National Australia Bank (NAB), the provider of the revolving A$60m loan facility, has
confirmed to RJT that it will extend the loan facility to 30 April 2009 on the following basis:
• RJT is to undertake a program of asset sales over the year to reduce the outstanding
amount of the facility. Net proceeds of all asset sales are to be applied to reduce the
facility with at least $10m of the facility being repaid by 30 September 2008;
• All net cash flow is to be held in an account under NAB’s control and to be applied at
NAB’s option to either reduce the facility or to be held as cash collateral against the
foreign exchange hedging contracts. No distributions to unitholders (including the
distribution declared in respect of the period ending 31 December 2007) or interest
payments or principal repayments to Rubicon Capital Pty Limited are permitted over
this 12 month period;
• NAB is able to make margin calls under the foreign exchange hedging contracts,
however if RJT has insufficient cash funds available to meet any margin call
obligations this will not be an event of default or potential default under the loan
facility; and
• No further drawings will be permitted under this facility except with NAB’s consent.
An up front fee of A$1.2million will be payable. The credit margin on the facility will
increase from 275 bps to 400 bps.
As foreshadowed in the RJT accounts for the year ended 31 December 2007, JPY4.9bn is
required to be repaid to Shinsei on 6 May 2008 and JPY0.7bn is required to be repaid to
Credit Suisse on 1 May 2008. Should both the required debt repayment dates of JPY4.9bn
due to Shinsei on 6 May 2008 and JPY0.7bn due to Credit Suisse on 1 May 2008 not be
extended, this would lead to an event of default. Shinsei and Credit Suisse have been
requested to extend their repayment dates to allow sufficient time for an orderly completion
of the asset sales program.
Documentation of the above amendments to the loan facility is being finalised.
Yours sincerely,
Company Secretary
Rubicon Asset Management Limited
as responsible entity for Rubicon Japan Trust
For further information, please contact:
Gordon Fell, Executive Chairman – Real Estate
Ph: (02) 9302 2100
David Swain, Executive Director and Head of Syndication – Real Estate
Ph: (02) 9302 2100
About Rubicon Japan Trust (ASX: RJT)
RJT manages a portfolio of commercial real estate located in Japan. As at 31 December
2007, RJT owned a ¥115 billion (A$1,182 million) portfolio of 22 properties. For further
information about Rubicon or Rubicon Japan Trust, please visit:
www.rubiconasset.com.au
www.rubiconjapan.com.au