4th June 2009
Interest rate swaps
Further to the announcement regarding the Citi waiver the Board is now providing an update on the position of the Company’s interest rate swaps. The unaudited fair value adjustment of DDL’s interest rate swaps as at 31 March 2009 showed a loss of €65.4m and it is estimated that as of 2 June 2009 the current fair value adjustment value has reduced that loss to nearer €63m.
The Board would like to emphasise that the value of the interest rate swaps has no cash impact on the Company or on its debt covenants and that the swaps are held at an SPV level and would only crystallise on a disposal.
The Board intends to advise shareholders further on the current fair value adjustment of the interest rate swaps in the Company’s final year end results which are expected to be announced in July.