Bpl ‘ambitious’ to beat gov’t refinancing target the tribune gas efficient cars under 15000

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Mrs Osborne revealed that the legislation’s passage will unlock a $100m short-term financing facility put together by a Credit Suisse-led syndicate, with the funds critical to BPL’s “summer readiness” and Automatic Meter Reading (AMR) initiatives.

While the Government told the International Monetary Fund (IMF) for its recent Article IV report that the RRB will be placed in the 2019 first quarter, Mrs Osborne said BPL’s Board was targeting a more “ambitious” timeline of the 2018 fourth quarter.

She revealed that an investment adviser for the planned RRB could be appointed within the “next two weeks”, the Board having decided to separate this role from that of “placement agent” to ensure there were no “conflicts” and that it received completely independent advice.

“We are actually hoping for the fourth quarter with the RRB,” Mrs Osborne told Tribune Business. “The Government says the first quarter of 2019. They’re being a bit conservative, we’re being a bit ambitious, thinking it can be done by the fourth quarter.

The BPL chair said that “within two weeks” the Board was likely to have selected an investment adviser for the RRB, which will refinance the utility’s estimated $350 million bond and bank debt; cover its estimated $100 million pension deficit; and finance clean-up at Clifton Pier and other environmental liabilities.

“We have a Request for Proposal (RFP) out, and we’re trying to tie down an investment adviser,” she confirmed. “We will be seeing their presentations, and making a decision. From there, once the investment adviser is chosen, we’ll go out for another RFP for the bond’s financial and placement agent.

Bidders on the investment advisory role number less than 10, and Mrs Osborne said the final value of the RRB has yet to be determined. She pledged that the bond would impose “a minimal amount” on BPL customers, in terms of a “cents per kilowatt hour charge”, that will be used to repay investors who purchase the RRB.

The proceeds would take out BPL’s legacy debts while keeping the new financing off the utility’s and government’s balance sheets, enabling the former to raise new capital to invest in badly-needed network upgrades while reducing the latter’s liabilities and the national debt.

“In the review of the legislation, we realised some amendments were needed to close this deal. It needs quite a bit of tightening up. We caught some more that had to be done before the money was released. Some of the things in the Act were overlooked.” Parliament is expected to pass the amendments shortly.

Mrs Osborne revealed that the legislation’s passage will unlock a $100m short-term financing facility put together by a Credit Suisse-led syndicate, with the funds critical to BPL’s “summer readiness” and Automatic Meter Reading (AMR) initiatives.

While the Government told the International Monetary Fund (IMF) for its recent Article IV report that the RRB will be placed in the 2019 first quarter, Mrs Osborne said BPL’s Board was targeting a more “ambitious” timeline of the 2018 fourth quarter.

She revealed that an investment adviser for the planned RRB could be appointed within the “next two weeks”, the Board having decided to separate this role from that of “placement agent” to ensure there were no “conflicts” and that it received completely independent advice.

“We are actually hoping for the fourth quarter with the RRB,” Mrs Osborne told Tribune Business. “The Government says the first quarter of 2019. They’re being a bit conservative, we’re being a bit ambitious, thinking it can be done by the fourth quarter.

The BPL chair said that “within two weeks” the Board was likely to have selected an investment adviser for the RRB, which will refinance the utility’s estimated $350 million bond and bank debt; cover its estimated $100 million pension deficit; and finance clean-up at Clifton Pier and other environmental liabilities.

“We have a Request for Proposal (RFP) out, and we’re trying to tie down an investment adviser,” she confirmed. “We will be seeing their presentations, and making a decision. From there, once the investment adviser is chosen, we’ll go out for another RFP for the bond’s financial and placement agent.

Bidders on the investment advisory role number less than 10, and Mrs Osborne said the final value of the RRB has yet to be determined. She pledged that the bond would impose “a minimal amount” on BPL customers, in terms of a “cents per kilowatt hour charge”, that will be used to repay investors who purchase the RRB.

The proceeds would take out BPL’s legacy debts while keeping the new financing off the utility’s and government’s balance sheets, enabling the former to raise new capital to invest in badly-needed network upgrades while reducing the latter’s liabilities and the national debt.

“In the review of the legislation, we realised some amendments were needed to close this deal. It needs quite a bit of tightening up. We caught some more that had to be done before the money was released. Some of the things in the Act were overlooked.” Parliament is expected to pass the amendments shortly.