volume dropping, page-4

look what RAMS done !!! they fix it.

and Centro has income from its shopping cetres + can sell some !!!!!!!!!!

CNP will be huge in 2008 !!!!!!! Cheer's

RAMS on track to refinance debt28/12/2007 01:27PM AEST RAMS Home Loans Group Ltd, which has been trying to refinance debt amid difficult conditions in credit markets, has secured funding to roll over about two thirds of its maturing US short term debt.

RAMS, which listed in July, ran into trouble in August after a global liquidity squeeze stopped it from refinancing $6.17 billion of debt sourced from the US extendable commercial paper (XCP) short term credit market.

The non-bank lender now has until February 11 2008 to roll over two XCP programs worth $5.5 billion, and has already flagged that the higher costs it faces to secure the refinancing will have a material negative impact on its fiscal 2008 earnings forecasts.

RAM announced on Friday it had executed documentation for $3.5 billion in funding, which will be used to refinance about 63 per cent of the $5.5 billion of commercial paper.

It's also in the advanced stages of documentation for a $750 million funding facility and "continues to work to find funding solutions for the remaining extendible commercial paper".

"RAMS will update the market if and when these facilities are progressed," it said.

If successful with the latest facility, RAMS will be on track to refinance $4.25 billion or about 77 per cent of its $5.5 billion obligations.

The two funding facilities struck on Thursday are for $1.5 billion, executed through Westpac Banking Corp, and $2 billion, with another unnamed financial institution.