was going through the books

was just having a look at the FY08 accounts and debt maturity situation is not as dire as i thought.

the relevant info is on page 59 of the results presentation.

it seems the only major facility to be refinanced in the next year is the australian corporate facility which matures in aug 09 - sep 10

$406m was drawn at june 30 2008, from a facility limit of $685m.

the UK corporate facility from which $503m was drawn matures in oct 2014

which means if valad can stay within covenants, then maybe things will be OK. i suspect the aussie banks will be willing to roll over a meagre $406m later this year.

which begs the question, why is valad seeking to restructure its debt facilities? clearly it has breached or will breach covenants in the near future. i don't see why they would spook the market by announcing they will try to restructure if it wasn't absolutely necessary.

it is a shame that valad will probably end up in receivership as a result of this. especially when you consider its relatively benign debt maturity profile.