Hastings have announced a capital raising today, obviously they couldn't get the price they were hoping for on their pipeline despite aggressive approaches from TCW. AIO conducted a capital raising as they couldn't achieve a decent price for their assets.
Can anyone find a large asset(+$2B) that has been sold at a decent price. Everyone looking at these assets is after the deal of the century, not sure why DBCT is going to be any different. It is a great asset, regulated take or pay contracts, but the Hastings pipeline basically is as well.
I hope for better, but I think ~10x ebitda is going to be about all we can expect. At this level I think BBI may not accept any offers and commence a long struggle for survival.
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