BBI has to refinance some pd ports debt that is due July 2009
"A £75 million facility is due to be refinanced by February 2009. This facility was extended in January 2009 for a period of 6 months to July 2009. It is anticipated that this facility together with £25m of the non recourse asset level debt which matures in July 2009 will be repaid via the proceeds of a refinance of the PDP asset level (securitised) debt, which is currently in the process of being refinanced and or will be repaid from the from the proceeds of a part sale of sale of PDP. BBI has received a number of unsolicited approaches from parties wishing to participate in the equity of PDP and these approaches are currently being considered".
I would anticipate that they will announce either a full sale of PD ports or somehow roll the corporate debt into the asset level debt (though i would imagine this is most unlikely)
So heres hoping for a positive announcement regarding full sale of this asset this week
BBI Price at posting:
7.7¢ Sentiment: None Disclosure: Held
