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Macquarie CountryWide debt position remains solid |
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18 December 2007 Macquarie CountryWide Trust (ASX:MCW) today provided an update on the Trust’s capital position confirming that there are minimal debt facilities due to expire within the current financial year. As at 30 November 2007, Macquarie CountryWide’s gearing was 52 per cent being debt to total assets. The weighted average term to maturity of all debt facilities is 3.4 years as at 30 November 2007. The following table sets out the debt maturity profile.
Note: The Trust has actively sought to spread debt maturities, diversify funding sources and proactively extend and refinance upcoming maturities to mitigate the effect of any unexpected changes in market conditions on the Trust. For example, during December 2006, Macquarie CountryWide established and issued A$450 million in Australian CMBS debt to release further bank debt capacity, extend the debt maturity profile and diversify its funding sources. Macquarie CountryWide’s debt diversification is highlighted in the following chart:
Macquarie CountryWide’s Chief Executive Officer, Mr Steven Sewell said: “The Trust’s debt profile remains solid. We have remained focused on capital management, asset sales of over A$340 million and proactively maximising our debt and equity positions. This combined with the Trust’s quality portfolio, long unexpired lease term and strong asset management skills, positions the Trust well to continue to enhance investor returns.” For further information please contact 1300 365 585 or reits@macquarie.com |
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| Important
information | Privacy
policy Macquarie Group Limited |
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This information has been prepared by Macquarie CountryWide Management Limited ABN 46 069 709 468 (Manager, we, our, us), a wholly owned subsidiary of Macquarie Group Limited ABN 94 122 169 279 (Macquarie Group) and the responsible entity of Macquarie CountryWide Trust (Macquarie CountryWide or Trust) for general information purposes only, without taking into account any potential investors' personal objectives, financial situation or needs. Before investing, you should consider your own objectives, financial situation and needs or you should obtain financial, legal and/or taxation advice.
The Manager does not receive fees in respect of the general financial product advice it may provide, however it will receive fees for operating the Trust which, in accordance with the Trust's constitution, are calculated by reference to the value of the assets and the performance of the Trust. Entities within the Macquarie Group may also receive fees for managing the assets of, and providing resources to the Trust. For more detail on fees, see the Trust's latest annual report. To contact us, call 1300 365 585 (local call cost). Past performance is not a reliable indicator of future performance. Due care and attention has been exercised in the preparation of any forecast information, however, forecasts, by their very nature, are subject to uncertainty and contingencies, many of which are outside the control of the Manager. Actual results may vary from any forecasts and any variation may be materially positive or negative. Macquarie CountryWide Management Limited ABN 46 069 709 468 (MCML) is not an authorised deposit-taking institution for the purposes of the Banking Act (Cth) 1959, and MCML's obligations do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 (MBL). MBL provides a limited $5 million guarantee to the Australian Securities and Investments Commission in respect of MCML's Corporations Act obligations as a responsible entity of managed investment schemes. Neither MBL nor any other Macquarie Group entity otherwise provides assurances in respect of the obligations of MCML. |
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