Power generation company Babcock & Brown Power
(ASX:BBP) has been given extra time to refinance $2.7 billion in debt from its banking syndicate.
The company says its syndicate of 11 banks including NAB, ANZ and the Commonwealth Bank have agreed to give the company till September to complete the restructure of its debt facilities.
Lenders have also agreed to lower the default interest cover ratio on the credit facilities for the June quarter, from 1.35 times to 1.1 times.
In May the company said its interest cover ratio on one of its credit facilities had fallen below 1.5 times in the March quarter placing the facility into lock up, a condition where the funds can only be used to repay debt.
Babcock & Brown Power maintained its guidance for normalised profit before interest, tax, depreciation and amortization for fiscal 2009, to fall to between $260 million and $270 million.
Babcock & Brown Power posted a $427 million loss in 2008.
Hearing implant maker Cochlear Ltd (ASX:COH) has cut its expectation for core earnings, saying it expects to report a 12 per cent rise to $137.7 million, after forecasting growth of 15 to 20 per cent in February.
The company says it expects net profit after tax to grow 13 per cent to $130.5 million in fiscal 2009.It also anticipates total revenue of $695 million for the year, growth of 15 per cent.
Cochlear says implant unit sales of 18,461 rose 2 per cent, however it made no donation sales to China after selling 700 units in 2008.
In an update on its financial year results the company says it has lost $17 million on foreign exchange contracts in fiscal 2009, compared to a profit of $21.3 million in 2008.
Cochlear says it will provide more detailed information on its fiscal 2009 results when it presents its full year results review on August 11.
Cochlear’s net profits have been increasing year on year for the past four years.
Gaming machine maker Aristocrat Leisure Ltd (ASX:ALL) has announced a new executive leadership team structure.
CEO Jamie Odell says the new team ensures that the right people, with the optimum skills and industry experience will be in place to oversee the development and execution of Aristocrats business transformation strategy.
Mr Odell says the new team significantly increases Aristocrats bench strength in the critical areas of technology, strategic project management and marketing.
As a result of the changes, Aristocrat says chief financial officer, finance director and company secretary, Simon Kelly, will leave the business on July 31, and executive general manager of Europe, the Middle East and Africa, Rob McLoughlin will retire on October 31.
Aristocrat Leisure’s 2008 net profit more than halved from the year before.
