bbn020 bonds being bought back again

This was announced on the NZX this morning:

"Babcock & Brown Infrastructure (ASX:BBI) announces that BBI Networks (New Zealand) Limited (BBINNZ) (NZX:BBN) intends to purchase senior ranking secured bonds issued by BBINNZ on 30 November 2006 (Secured Bonds) (NZX:BBN020) up to a face value of NZD250,000. The Secured Bonds will be purchased by BBINNZ on market over the next few business days.

BBINNZ will report to NZX by the end of each business day in relation to Secured Bonds npurchased during that business day in accordance with L.R. 7.12.1."


Whilst $250K of face buyback is not a huge amount,this anncmt does thell us one thing. BBI must have $50M in the bank because if this amount is being swept, then it must have been surplus in the account above the $50M they are allowed to retain.

So BBI has, for the time being, cash in hand.