Last August they touted the increased bank facility of $450m to cover future build
But if SUM offer bonds it must be a good thing
Printable View
SUMthing doesn't quite sound right... I thought, given SUM's great track record of underlying NPAT growth (which can only ever continue, right?) banks would be bending over backwards to throw cash at this "safe as houses" investment, that is Summerset? (as they do boast every now and then how fantastic their debt facilities are...)
Now they seem to have gone cold on the idea... wonder what changed their mind?
winner69 you could be onto something... maybe they need it for the $2.50 takeover offer for that old dog that listed late 2014 at 95 cents?
Very smart move by SUM. Julian Cook obviously using his investment banking background to diversify the funding base and locking in further funding for strong ongoing growth at close to 50 year interest rate lows. This together with the recently expanded $600m bank facility will provide a LOT OF HEADROOM for opportunities for land banking purchases at low prices if the market turns down.
The irony is this opportunity will probably appeal a lot to existing residents.