Primelife and Fini Villages CEO Reassures the Market (Babcock & Brown Communities Release, June 13, 2008)

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Babcock & Brown Communities Group – the owner and operator of 56 villages and 29 aged care facilities – last Friday confirmed to the market and industry that Babcock & Brown’s funding challenges had no bearing on BBC and its debt position.

While 10 percent of BBC is owned by B&B, there is no cross shareholding or loans between the two. BBC’s CEO John Martin stated “it is important to note that BBC has a secure, non-recourse debt profile with a weighted average debt term of over three years,” meaning BBC does not have to re-finance much of its $600 million in debt until December 2010.

It moreover bears mentioning that BBC staff themselves own three percent of the company.

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