re: Ann: Downer Signs Fortescue Christmas Cre... Why would they need to raise capital?
QUOTE
The contract will require capital expenditure of $235 million over a three-year period.
The capital expenditure will be funded primarily through operating cash flow and new finance and operating leases.
Downer has ample funding capacity for the Fortescue Christmas Creek contract announced today and the BHP Billiton Mitsubishi Alliance (BMA) contracts at Goonyella and Norwich Park mines announced on 28 July 2010. We will remain well inside our target leverage range of 25% 35% and Downer has no current intention of raising equity, Mr Fenn said.
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