Just wondering if someone could clarify. I have read a few...

Just wondering if someone could clarify. I have read a few articles regarding Timbercorps 8.9% Bonds (TIMHB), saying that they are not secured over assets and that they rank below other creditors.

I found the following extract from the 2008 Annual report:

"In December 2005, Timbercorp Limited issued $50,000,000 of 8.9% per annum debenture stock with a maturity date of 1
December 2010. The bonds have first mortgage security over a portfolio of Timbercorps forestry land and horticultural assets, including improvements, capital works and water licences"

Are these bonds secured or not?

Cheers.