Kan­ga­roo Is­land Plan­ta­tion Tim­bers se­cures fi­nance

Australian Forests and Timber - - In The News -

Kan­ga­roo Is­land Plan­ta­tion Tim­bers has en­tered into a fund­ing agree­ment with the Com­mon­wealth Bank of Aus­tralia. Sub­ject to cer­tain con­di­tions prece­dent, in­clud­ing all nec­es­sary de­vel­op­ment ap­provals, the bank will lend up to $57.1m in to­tal which will sup­port 100% of the an­tic­i­pated con­struc­tion cost of $30m for the com­pany’s pro­posed Smith Bay Wharf plus an al­lowance for equip­ment fi­nance and work­ing cap­i­tal. The agree­ment con­tains pro­vi­sions for up to $25m of fa­cil­i­ties should the com­pany elect to bor­row against its ex­panded port­fo­lio of land and tim­ber as­sets in the fu­ture.

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