ANN, sold 2 CRE loans, good news in regards to being able to...

ANN, sold 2 CRE loans, good news in regards to being able to make their payment to Credit Suisse, but looks like these were sold at 27% their book value, I suppose they had no other choice.

Rubicon Europe Trust Group (ASX: REU) – Sale of two CRE loan assets
for €45.1 million (A$73.8 million) (1)
Rubicon Europe Trust Group (REU) has entered into a binding agreement to sell two of its
commercial real estate (CRE) loan assets for approximately €45.1 million (A$73.8 million) (1).
The sale prices are as follows:
CRE loan Par value(2) Consideration
% of par value Sale price
Ashbourne B Note £25,000,000 73% £18,250,000
Helsinki B1 and B2 Notes €30,249,868 73% €22,082,404
The agreement is conditional on obtaining certain consents from the borrowers and senior
lenders. Settlement is scheduled to occur on 3 June 2008.
The entire proceeds of the CRE loan asset sales will be used to retire debt under the Credit
Suisse loan warehouse facility, which will reduce the amount outstanding under the facility
from approximately €113.3 million (A$185.6 million) to approximately €68.3million (A$111.8
million)(1). This means that, consistent with the revised facility terms announced on 17
March 2008, no further repayments to Credit Suisse will be required until 15 October 2008,
when a further repayment of approximately €28 million will be required.
Following completion of the sale of the two CRE loan assets, REU’s portfolio (by carrying
value) will comprise approximately 75% office properties with a weighted average lease
duration of approximately