INFRA PENNY
- From: Vol 10, Issue 3 (March 2009)
- Category: Need to know
- Region: Asia
- Country: Australia
- Related Companies: Babcock & Brown, Macquarie Bank, Probitas Partners and Thames Water
* The failure of Australian infrastructure investor Babcock & Brown has put the spotlight back on the infrastructure fund sector.
Babcock developed a reputation as a mini-Macquarie as it acquired roads, ports and power plants around the world, and leveraged them up using cheap debt. The cost of refinancing debt has dramatically reduced the value of Babcock’s equity in the projects. The company never acquired any water assets (although it bid for Southern Water), but its difficulties have had ...
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