In line with the Company's agreement with its senior lenders, $200 million (£109.3 million) out of the net proceeds of the offering has been applied to reduce outstanding senior debt and accordingly the maturity of the remaining senior debt facilities has now been extended to 30 September 2007.

This means that the weighted average maturity of all the Company's debt facilities is now approximately five years and the weighted average interest rate payable under those facilities is now approximately 7%.