Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from the line of Roger Freeman with Barclays Capital.
Roger Freeman – Barclays Capital
To come back quickly to the revised covenants, there are no minimum AUM requirements on the new facility?
Daniel Bass
No, there is. That is $22 billion, stepping down to $20 billion at the end of this year.
Roger Freeman – Barclays Capital
And that is the only stepdown?
Daniel Bass
Yes.
Roger Freeman – Barclays Capital
Can you just remind us in terms of debt coming due this year on your portfolio of companies, you had a slide up last time which probably has not changed much, but I think there were two concentrated ones, as I recall $1.6 billion for one company and 723 for another. When in during the year do those come due, and what are the circumstances going to be around that?
Wesley Edens
Roger, we actually had some significant financing that was due in the first part of this year that has been paid down and already resolved. We have got large financings that are due at the end of July and then a paydown in October that we’re in discussion on both of them right now. It is a far cry from the debt activity of last year, and then post this year, there is really very little in the way of real debt that is due now until 2012 and later. Getting any piece of financing done in this market is challenging, but it has been very constructive thus far. We have made good progress, and as I said, we just continue to check things off the list.
Roger Freeman – Barclays Capital
Are these situations that are potentially analogous to say Intrawest last year where you get modifications done to the terms of the refinancing in order to avoid any kind of default scenario?
Wesley Edens
Well, it is obviously very case specific, but as a rule, we have used modest amounts of leverage at the time we made acquisitions, and so that obviously is a big plus and we have asset-based businesses. I think the cornerstone to a lot of these transactions is to be able to take a large financing and break it into smaller constituent pieces that you can then attack one by one. That has been successful for us to date, and I think it is going to be the case in a number of these situations going forward.
Roger Freeman – Barclays Capital
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