Rams Unable to refinance

Discussion in 'Trading' started by Bogan7, Aug 15, 2007.

  1. This has just hit the Aussie market hard

    Rams Unable to Refinance Short-Term U.S. Debt on Credit Crunch

    By Laura Cochrane

    Aug. 16 (Bloomberg) -- Australia's Rams Home Loans Group Ltd. has been unable to refinance A$6.17 billion ($5 billion) of short-term U.S. loans because of a ``lack of market liquidity'' caused by the global credit rout.

    Rams cited the ``tightening of the global credit markets'' for failing to sell the so-called extendable commercial paper, the company's largest source of funding for its loans, it said in a statement today.

    The lender has been given temporary funding of A$1 billion by two of its providers, Rams said.

    To contact the reporter on this story: Laura Cochrane in Melbourne at lcochrane3bloomberg.net.

    Last Updated: August 15, 2007 20:52 EDT
  2. Oh.

    I thought you meant the LA Rams, I mean Anaheim Rams, er St. Louis Rams couldn't finance a stadium or something... :D