Duet's debt reduction trick

Painted as an expansion, Duet's infrastructure deal is more about degearing. Expect more of the same.

For a group once in Macquarie Group’s (MQG) infrastructure orbit, it should come as no surprise that Duet (DUE) has a stretched balance sheet.

As such, the “expansion” announced yesterday – to build a pipeline connecting Chevron’s Wheatstone LNG project to the Dampier Bunbury pipeline – is as much about reducing gearing as it is about increasing earnings.

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