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A year of challenge for capital markets

Meanwhile, Hastie's anticipated $100m capital raising is set to be pushed back to next week, as the company and its lenders continue negotiations over a new debt facility.

Macquarie-advised Hastie is likely to launch an entitlement issue priced at a discount of more than 15 per cent to the stock's last close of 92.5c.

The issue will raise almost half the company's current market capitalisation. Hastie and its advisers have been trying for a month to nut out details of the raising that will help reduce debt.

The company, which in December secured relief from lenders including ANZ, Commonwealth Bank, Westpac and National Australia Bank, is on the brink of its covenants after a decline in operating earnings and an increase in bonds for new work. The group's debt ratio is thought to have been close to 3.2 times at the end of last financial year and fell below that level in the last half.

Hastie, which provides mechanical, electrical, commercial plumbing and refrigeration services, has told lenders it has a strong order book and expects earnings to pick up in the second half of the calendar year.