Question-and-Answer Session
Operator
Thank you. (Operator Instructions) Our first question today will come from Michael Bilerman with Citi
Michael Bilerman – Citi
Good morning. Bill was very helpful to through the 2009 debt I know. From 2010 you said it’s going to come up on the radar screen, but maybe you can just provider a little bit comfort. Obviously 2010 with the global line and within the funds you’re totaling almost $7 billion of stuff to deal with and obviously a so much bigger amount then what’s happening in 2009. Just share a little bit about how you’re thinking about those plans and what capacity maybe there to refinance.
Bill Sullivan
Certainly Michael, let me talk about both. On the global line of credit, as we talked about in the past, we had a bank meeting in December at which point we said down with all of our banks and talked about our desires and goals. We didn’t ask the banks for anything at that point, but we’ll certainly get back to them in early to mid Q1 to discuss a review and an extension of the global line of credit. That is very high on our rider screen.
We have been in conversions with the lead banks on that discussing terms and conditions etc, etc and we intend to attack that vigorously in the coming weeks and hopefully get a resolution to an extension on that facility and well past 2010, somewhere in Q2. So that is high on our radar screen today and we are active in those discussion.
On the fund side, we have probably seven to eight different packages out to various long term lenders at this point. More than half of those relate to 2010 maturities, both in Europe and the U.S. and so we are active in those, but at this point in time given all the things that we’ve been working on and driving towards and we just closed China, Japan and so now we can turn our attention at least in the finance area, focus them heavily on the 2009 and 2010 maturities and so we are very focused on all of those.
Again our primarily goal early in the year, first and foremost was to fix the 2009 and we think we’ve gone a long way in that regard and we’ve got a variety of decisions going on for 2010.
Walt Rakowich
And Michael this Walt, let me just add to that too. I mean we have to be really careful when we’re talking about refinancing $7 billion. $4.4 billion of that is the line of credit. We don’t have anything near outstanding on that right now. I mean we have $3.2 billion, but that’s exclusive of $1.3 billion China sale; that’s exclusive of $1.2 billion to $1.5 billion of pay down, much of which will come from contributions to our funds and we we’ll talk about leasing and the like I’m sure on the call.
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