Unidentified Analyst
Good morning. In light of your discussion of trying to reach the two, two and a half times debt-to-EBITDA ratio, has there been any discussion of rightsizing the dividend in light of the recent share price to more quickly achieve that? And with the complete monetization of the Port Moody assets, what percentage of that do you anticipate going towards that reduction?
John Peller
Well, first, the Port Moody disposition will get us at least half of that, if not a little more. But I don't want to be overly specific around that, but we've had the property appraised at that level. And then there's an inventory level adjustments and other assets, so there's a clear line of sight to hit that target.
And don't forget that we -- as an industry, the wine industry has always had much higher levels of debt to EBITDA because of the fact that we're invested not just in manufacturing and expensive manufacturing assets with huge investments in agriculture as well.
And it was for that reason that we changed our banking facility to an asset-backed lending facility because when I spoke with some of my colleagues in California, that's the only basis that banks in California lend to the industry's asset-backed because if they were doing it from debt-to-EBITDA multiples, they'd be up in the seven, eight, nine, and 10 level. So, even though we're at 4:1 right now, we have a very strong balance sheet and it's about to get a lot stronger.
So, I think this will serve us well going forward because there will be lots of opportunities to acquire as we go forward as we come out of the recession.
Unidentified Analyst
Thanks for the color. An approximate time line to achieve that two and a half approximately? I know you can't put a number on it, but if you proceed with the Port Moody, and any additional asset sales, what's a ballpark time line on reaching that two and a half times?
John Peller
I mean, I think the goal is to do it kind of in six to 12 months. And whether it takes a little longer or happens a little faster, it is a difficult economic environment with interest rates impacting this whole thing. But it's definitely achievable, but I think that's a fair time frame to ballpark that out.