talks progressing , page-5

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"The proposal values Alinta at $2.09 billion, would cut senior loans to $1.55 billion, including a "senior super" debt of $126 million. It includes transaction costs of $242 million and gives the company a pre-raising equity value of $242 million The Australian reports.

The newspaper says the capital raising would be struck at a 35 per cent discount, which would increase the equity base to $550 million."
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35% discount to pre-raising equity value is my interpretation (?)