Babcock restructuring talks
Babcock & Brown Infrastructure (BBI) said in a disclosure on September 30 that it has received a revised refinancing proposal from RBS, which includes A$250m (US$219m) in new funding and revised security arrangements. Other than this, it said the terms are “conceptually unchanged” from the original proposal, in which RBS would involve issuing CBs and redeemable bonds, a new corporate debt facility and new equity. BBI said that as the revised proposal would raise only A$500m in equity from a total of A$1.5bn in funding, it would not “materially change the current gearing levels of BBI or address near term debt maturities”.
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