PLP - Change in banking facility for wholesale fund

Booster Investment Management Limited (Booster), as manager, is pleased to announce a change in the banking facility for the Private Land and Property Portfolio (PLPP), the wholesale fund into which the PLP invests.

Under the new 5-year facility, for which a signed term sheet has been agreed (conditional on finalisation of legal documentation and property valuation updates), the PLPP can draw up to $30 million and will have greater flexibility to repay and redraw the amount borrowed in response to its fluctuating cash position, the uncertain timing of property settlements and to better manage its gearing position. Standard banking covenants will apply to the facility on terms equivalent to the existing facility.

The new facility is expected to be finalised and in place later this month and on terms consistent with the signed term sheet. In anticipation of the change of facility, the existing debt facility of $12 million was repaid from the Fund’s existing cash balance on 28 March 2022 with no corresponding break fee.

•  Change in bank facility for wholesale fund

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