BBI raises $625m for debt refinancing

BBI raises $625m for debt refinancing

Energy and transport infrastructure operator Babcock and Brown Infrastructure (ASX:BBI) has raised $625 million via an institutional placement as part of a $1.5 billion dept refinancing plan.

The company said institutional investors fully subscribed to the share placement, with support from both international and domestic investors.

BBI’s refinancing plan, which has yet to be approved, will also involve a $625 million cornerstone placement and a $250 million security purchase plan.

Independent auditor Grant Samuel warned that if the refinancing plan does not take place, the company may be forced to declare bankruptcy.

The ASX suspended BBI from trading on October 2, at the request of the company. Trading resumed today, with the company’s share value falling 13.2% to $0.046.

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Tags bankruptcydebtBabcock and Brown

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