Asia Pacific Data Centre, or APDC, said it received a notice of subsisting default and forbearance regarding A$29 million of outstanding loans, as a result of the change of control of the data center landlord arising from NextDC Ltd.'s takeover of the company.
Bankwest may demand immediate payment of the borrowed amount upon expiry of the forbearance period 14 days from the Oct. 16 date of the notice.
APDC said it is in talks with the lender to ensure that the default notice does not delay the payment of the special distribution and the September quarter distribution, for which it has access to sufficient funds.
The agreement for APDC's takeover entails the payment of A$2.00 per security by its tenant NextDC for the remaining 70.8% stake that the latter does not already own.
As part of the deal, APDC security holders are also entitled to receive a special distribution of 2 cents per security on Nov. 14 and a separate quarterly distribution of the same amount Oct. 25.