What are BNBGs?BNBGs are unsecured, subordinated, cumulative,...

What are BNBGs?

BNBGs are unsecured, subordinated, cumulative, resettable notes issued by Babcock and Brown. They are also known as BBSN1 (Babcock and Brown Subordinated Notes - AUD$ ver) and BBSN2 (Babcock and Brown Subordinated Notes - NZ$ ver).

The proceeds of this debt were lent, by BNB, to BBIPL as a loan. BBIPL have the obligation to service the interest and repay the capital. They do this by paying BNB, who in turn, pay the BNBG holders.

BBIPL also guarantees the interest and loan repayment in the event that BNB is wound up - this is the BBIPL guarantee.

We have a trust deed and a Trustee protecting our relationship with BNB. There is also another trust deed, which I have not seen, which states BBIPL's obligations as guarantor.

What is BNB?

BNB is Babcock and Brown Limited - (ABN 53 108 614 955). A publicly listed band of ratbags.

What is BBIPL?

Babcock & Brown International Pty Limited - (ABN 76 108 617 483). The operating entity of the Babcock & Brown group. Formerly held 75% by BNB with significant management shareholding, it is now close to 100% as the rats deserted the ship.

What are the Listed Satellites?

BBIPL conducted management and development services on behalf of a wide range of public, private equity partnership and owned entities.

Collectively the large Australian listed vehicles were known as the BNB Satellites. This is due to the tight management contracts BNB over the management of assets in these vehicles.

These include B&B Infrastructure, B&B Wind, B&B Power. A full lis was published on this thread.



Don't know if continuing this Faq is useful :o(