Lendlease (LLC ASX) debt to double target after $1.2 billion of asset sale delays
Afr
Lendlease's debt will temporarily exceed targets due to $1.2 billion in delayed asset sales, but is expected to return to normal by June.Summary
Lendlease is facing a significant increase in its mid-year debt levels, projected to more than double its initial target. This is a result of settlement delays affecting $1.2 billion worth of asset sales during the first half of the financial year, pushing gearing into the mid to high 30 percent range. While the company acknowledged the debt increase last month, it did not provide specific figures at the time. Despite this setback, Lendlease maintains its prediction of returning to its target gearing of 15 percent by the end of the full financial year in June. The information was reported by Michael Bleby of the Australian Financial Review, who covers commercial and residential property.
(Source：Afr)