Brierley Investments - Re Debt Refinancing Package

RNS No 3493b
BRIERLEY INVESTMENTS LIMITED
8 April 1999


US$600 MILLION DEBT REFINANCING

Brierley Investments Limited (BIL) announces that it has concluded negotiations
for a debt refinancing package of up to US$600 million on favourable terms and
conditions.

HSBC New Zealand (HSBC) and Overseas Union Bank Limited, Singapore (OUB) have
been appointed to arrange the facility and they have jointly underwritten the
full facility amount.

It is intended that up to six major financial institutions will participate in
the facility as arrangers and co-underwriters.

The facility will be structured as a 36-month syndicated transferable loan
facility with the option of a Singapore Dollar bond issue.  BIL Asia Group
Treasury Limited, acting through its branch in Hong Kong, will be the borrower
and the facility will be fully guaranteed by BIL and BIL (Australia Finance)
Limited.

BIL Executive Chairman, Sir Selwyn Cushing said, "The finalisation of this
refinancing package means BIL's capital restructuring is now complete.

"The package has been negotiated on favourable terms which is a reflection of
the success the Board and management have achieved, particularly over the last
six months, in substantially reducing the Group's debt position.

"In addition, since December the share prices of key investments including Air
New Zealand, Thistle Hotels and James Hardie Industries have improved
significantly which has strengthened BIL's financial position further."

BIL now has the finanial flexibility to move forward and pursue investment
opportunities.

END

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