Banks press on with refi for troubled Babcock

The nine underwriters on the A$2.7bn loan for Babcock & Brown Power finally launched the deal into syndication this week, after months of delays and negative headlines over the fund’s manager. Shares in debt-heavy Babcock & Brown have tumbled in recent months, forcing it to renegotiate terms with its lenders, but the lead banks have decided to brave syndication and launched the hefty loan on Tuesday. Will the months of negative press be foremost in lenders’ minds? Or will they instead be drawn by their relationships to Australia’s largest listed power producer? Find out in this week’s EuroWeek.