Article from The Australian today.
AGL Energy strikes $500m bond market deal
AGL Energy is expected to reveal more details surrounding the funding for its coal-related spin off when it delivers its interim results on Thursday.
DataRoom understands AGL recently managed to finalise efforts to raise $500m of debt through the US bond market ahead of its demerger of its coal fired power generation assets, with the entity to be called Accel Energy.
However, the understanding is that the refinancing was no easy feat for the banks involved, which included Bank of America, JPMorgan, Citi and the Royal Bank of Canada. But it is likely to ease any concerns about a looming equity raising, although analysts at JPMorgan still believe this cannot be ruled out.
https://www.theaustralian.com.au/business/dataroom/agl-energy-seals-500m-bond-market-deal-ahead-of-interim-results/news-story/843b75fbade5b87a9ba7180ef198b368
Should at least reduce the amount required by a capital raise if one still goes ahead. Lets hope $500m is enough.
AGL Future Earnings, page-433
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