AFG 4.45% $2.58 australian finance group ltd

lending conditons

  1. MJS
    2,139 Posts.
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    One thing I found totally unbelievable that has come to light is the fact that the AFG lending had covenants that allowed the debt facilities to be reviewed if the company's market capitalisation fell to a certain level.

    That was totally ludicrous from AFG. I am involved in lending for a living and you NEVER agree to conditions on something that you have no control over!!!

    Put conditions on interest coverage, gearing, equity, cash flow, whatever, but to have it on market cap ...

    MJS
 
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