Kangaroo Island Plantation Timbers Ltd (KPT) has entered into a funding agreement with the Commonwealth Bank of Australia (CBA). Subject to certain conditions precedent, including all necessary development approvals, CBA will lend up to $57.1 million in total.
CBA Finance secured for Kangaroo Island Plantation Timbers' Smith Bay Wharf
Kangaroo Island Plantation Timbers Ltd (KPT) has entered into a funding agreement with the Commonwealth Bank of Australia (CBA). Subject to certain conditions precedent, including all necessary development approvals, CBA will lend up to $57.1 million in total, as the company says in the press release received by Lesprom Network. This will support 100% of the anticipated construction cost of $30 million for the Company’s proposed Smith Bay Wharf plus an allowance for equipment finance and working capital. The agreement contains provisions for up to $25 million of facilities should the Company elect to borrow against its expanded portfolio of land and timber assets in the future. Kangaroo Island Plantation Timbers is Australia’s only listed timber company. It manages a wholly-owned portfolio of hardwood and softwood forestry plantations on Kangaroo Island, South Australia.
