Ann: Retention of Laundries business-SPO.AX, page-48

With the failed sale of the laundry business, almost $800m of Net Debt being having to be supported by some $210m to $220m of EBIT, it now looks like an equity raising is a near-certainty at some stage before long (otherwise, it will take them years to trade their way to a more manageable, less stressed balance sheet)
I don't know what school of business you went to, but a business earning $220m of earnings can support debt of $800m quite easily. The interest bill at 7% is circa $56m which means a pretty healthy coverage ratio. Don't confuse the government rhetoric on budget surpluses and try to relate it to a business entity. They need to have debt otherwise investors will be saying they have a lazy balance sheet. Remember a little thing called WACC (weighted average cost of capital). This is the key as the cost of debt should always be more than the cost of equity.
No new equity needs to be raised - have a look at their cashflow statements. They generate good cashflows to sustain working capital requirements.
Nice try at a down ramp!!!
Just wait until they report and see what happens then......