That sounds about right.
As at the last HY report:
Total assets were about 8bn (excluding goodwill) and total limited recourse debt was about 5bn. That's an average gearing of 62.5% on the limited recourse debt.
If we assuming that the assets sold have average gearing, then to raise 275m to repay senior debt:
- at book value AFG has to sell 750m of assets
- at 10% under book value AFG has to sell 1bn of assets
- at 20% under book value AFG has to sell about 1.5bn of assets
Lets hope they can sell assets at least book value.
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