Rowscoe,
Don't forget that the NZ BNB010's are on a different timetable. Their interest payment becomes due in 15th March. (Beware the ides of March!). Hence the structural reorganisation constraint could apply from this date.
The proposed perpetual notes would also side track issues of trigger events for the notes - because there is no takeover or formal change of control.
I am looking forward to the announcement, with much interest!
/disclosure: hold BNBG, no BNB
BNB
babcock & brown limited
