Geneva Finance Ltd said it has negotiated new funding arrangements with banker BOS International Australia Ltd that will defer some principal repayments for some debenture holders.Under the agreement the $35 million BOS facility reduces to $30m as at Marc
Geneva Finance Ltd said it has negotiated new funding arrangements with banker BOS International Australia Ltd that will defer some principal repayments for some debenture holders.
Under the agreement the $35 million BOS facility reduces to $30m as at March 31, 2010 and reduces in six-monthly intervals until it is nil on March 31, 2015. The facility was to end on April 30, 2011.
Geneva had breached a covenant on the facility last year causing it to be reclassified as payable within six months.
Debenture holders who have placed funds with Geneva since April 28, 2008 will not have any change to the terms of their investment.
Debenture holder whose repayments were reset as part of a restructuring on that date will be asked to defer half of their principal repayments. They will continue to receive interest at current rates each month on the outstanding principal balance.
The plan will be put to debenture holders for approval in the last week of March.
