needs cash in a hurry

ABN Amro 28-Mar-08 3 Downgrade to Hold from Buy $15.00 11.1%
The debt refinancings were good news but why the equity? the broker asks. It was raised at 12-month lows and will only reduce gearing by 2%, while diluting FY09 earnings by 5%. This would suggest Babcock & Brown is in need of some short term capital rather than bigger picture balance sheet management.
EPS reduced by 5% and 10% in FY09-10. Target falls from $20 to $15. Downgrade.