This article is from the Australian Property Journal archive
MELBOURNE’S Becton Property Group has negotiated with the National Australia Bank to extend a project debt facility for a short term.
The facility which expired on May 31 2010 will reduce to $62.3 million from proceeds of recent asset sales.
The facility has been extended to June 30 2010 to allow Becton time to complete settlement of a number of noncore asset sales.
All proceeds from these sales will be applied to fully repay this debt.
The extension follows the successful extension of the maturity date of the Becton Convertible Notes.
Australian Property Journal