A$59m Debt Refinancing
On 20 December 2012, Port Bouvard Limited announced a A$58.8 million refinancing, comprising:
- a $23.8 million renounceable rights issue; and
- a A$35 million Facility Agreement with St George
The proceeds were used to fund retirement of existing debt, provide working capital and pay a deferred creditor. Port Bouvard owns the Oceanique residential development in Mandurah and the Point Grey project. The rights issue was underwritten by Bell Potter, with major shareholders committing to the raising.
Azure Capital was appointed as financial adviser to Port Bouvard and oversaw a capital management review, including potential assets sales, mergers and capital raisings. Azure Capital led negotiations with St George and the appointment of Bell Potter.