MARKETS

The return of Prime Infrastructure

BABCOCK & Brown Infrastructure will be reborn as Prime Infrastructure Group on December 7, when it starts trading under the code PIH on the Australian Securities Exchange.

Blair Price
The return of Prime Infrastructure

BBI traded as Prime Infrastructure before July 2005 and the company’s executives are keen to put the Babcock days behind them.

 

BBI’s $A1.8 billion recapitalisation plan is complete and the company now has a total of 351.78 million stapled securities on issue.

 

Brookfield Infrastructure Partners holds 39.91% of BBI through a Bermuda Holdings subsidiary.

 

Institutional investors hold other major stakes, with National Australia Bank nominees at 14.19% and JP Morgan nominees at 8.36%.

 

One set of HSBC Custody nominees holds 8.16%.

 

Canada’s Brookfield Asset Management will take a 49.9% stake of the Dalrymple Bay Coal Terminal in Queensland under the recapitalisation.

 

One of the largest coal export terminals in the world, DBCT serves 10 northern Bowen Basin mines.

 

Last year 83.9 million tonnes of coal were exported from DBCT and the neighbouring Hay Point Coal Terminal, which is wholly owned by BHP Billiton Mitsubishi Alliance.

 

At the end of June, BBI had $8.9 billion of total debt, including $1.2 billion of corporate level debt facilities.

 

Normal trading of BBI shares is expected to resume on December 4.

 

Shares in BBI are unchanged at 3.5c.

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