Tricom recapitalisation
Babcock and Brown has joined with a number of private investors and ANZ to recapitalise stock broking firm Tricom.
Babcock and Brown announced to the Australian Securities Exchange today that it had participated with ANZ, Tricom management and certain private investors introduced by Tricom management in the recapitalisation.
It said it had increased its existing exposure of $35 million to a maximum of $40 million by underwriting a further $5 million of additional funds.
Babcock and Brown said that maximum exposure had already been reduced to $37.5 million and that its total exposure remained secured, with no further capital injection contemplated following the recapitalisation.
The announcement said the recapitalisation took the form of new equity from parties other than Babcock and Brown and a stand still agreement from Tricom’s secured lenders — ANZ and Babcock and Brown.
The company said it was participating in the recapitalisation to protect Babcock and Brown’s exposure and to ensure an orderly rundown of the balance of Tricom’s securities loan book.
AUTHOR
Mike Taylor
Recommended for you
Sequoia Financial Group has announced it is selling off its Informed Investor subsidiary which it acquired in April 2022.
Wealth Data has examined which advice business model has seen the most growth since the start of the year including those that offer holistic advice.
Research conducted by Elixir Consulting and Lonsec has quantified the efficiency gains of using managed accounts in financial advice practices in hours per week saved.
With only one-quarter of advice practices actively seeking feedback from clients, the Financial Advice Association Australia has emphasised why this is a critical tool for client retention.
