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Sydney - Monday - December 1: (RWE Aust Business News) -
Transfield Services (ASX:TSE) has successfully completed an institutional
placement and the institutional component of a non renounceable pro rata
entitlement offer.
The placement and offer raised approximately $204 million from
existing and new institutional shareholders, which will be used to repay
a portion of drawings under existing debt facilities.
The entitlement ratio was set at one new share for every share
held and at $1.25 per new share.
Chairman Tony Shepherd said the institutional equity raising,
together with the debt restructuring initiatives, establishes a strong
capital position to promote sustainable organic growth from the delivery
of essential asset and project management services.
The retail component of the entitlement offer, which is seeking
to raise up to an additional $102 million, opens today.
Transfield Services has also refinanced its Australian dollar
debt facility into mostly a US dollar facility by completing a new
$US367m debt facility on market terms maturing in January 2012.
The facility size limit relating to its outstanding US debt
facilities will now be measured in US dollars.
The extension of debt maturities also addresses Transfield's
refinancing requirements through to January 2012.
Following completion of the institutional placement and
institutional entitlement offer and assuming no subscription
under the retail offer, Transfield's pro forma 2008 net debt to EBITDA
ratio will be reduced to approximately 2.6 times assuming an AUD/USD
exchange rate of US70c.