Transfield Services Infrastructure Fund has announced Tuesday of plans for capital restructuring which involves a capital raising of up to $110 million and selling its Mt Millar Wind Farm for $191 million, as it added that TSI Fund is also set to extend its corporate debt maturity to May 2015.

Transfield said that the planned initiatives should afford the fund financial leeway and further strengthen their balance sheet en route to more sustainable future distributions.

TSI Fund chief executive officer Steve McDonald said that their plans will lead to more stable financial platform "from which we can deliver attractive and sustainable distributions to security holders, while further developing our high quality asset portfolio."

He added that once the Wind Farm in South Australia is sold, its $191 million tag price should translate to more than 13 times financial year 2010 forecast normalised earnings before EBITDA (earnings before interest, taxes, depreciation and amortization) credited to the farm.

Mr McDonald also revealed that the fund's capital raising has been approved by Transfield Services Ltd, which is the fund's major security holder, and will comprise placement to institutional investors amounting to $30 million and an offering of accelerated non-renounceable pro-data entitlement that should amass some $80 million.

Transfield said that the capital raising are meant to slash the fund's pro-forma corporate-level net debt as of December 31 2009 from $728 million to $465 million, as it added that the fund's debt maturity would be moved from September 2011 to May 2015 and reduce facility limit to $425 million come June 2015.

Also, Transfield said that the fund's securities will be in trading halt until after the planned capital restructuring, as it is forecasting that net loss for fiscal year 2010 will reach $39.5 million with an EBITDA of $75 million.