20 October 2011

EIT Restructures Bridging Facility

EIT has established a new $55 million senior debt facility with Westpac Banking Corporation, replacing a similar facility that had been in place with another bank. The facility can be drawn upon by EIT to fund the acquisition of a project which falls within its investment mandate.

The facility is to be used for capital management and bridging purposes, not for the long-term gearing of EIT. Any drawings made under the facility will be repaid within 12 months. The facility remains undrawn.

As part of its approval process, Westpac undertook a detailed analysis of each of the cash flows within EIT’s portfolio, ICG investment approval process and historical performance of the fund. ICG was pleased with the outcome of this review as it validates many of the practices put in place by ICG for the management of EIT.