$380m deal pushes next Transurban refi to 2014

A group of five banks are extending a $380m debt facility that originally expired in August 2012, leaving the Australian toll road operator with no senior debt maturing before 2014.

Australian toll road operator Transurban has managed to extend a A$375 million (€288 million; $380 million) syndicated bank facility. As a result of the refinancing, Transurban has no senior bank debt obligations maturing before 2014, the toll road operator said, with the exception of revolving working capital facilities.

Australia and New Zealand Banking Group, Bank of Nova Scotia Asia, National Australia Bank, Royal Bank of Canada and Westpac Corporation are providing the loan, which breaks down into two tranches: a A$215 million tranche reaching maturity in February 2015 and a second portion worth A$160 million and expiring two years after that. The original A$375 million loan expired in August 2012.

Transurban chief financial officer Tom Honan said in a statement that after hedging, the new credit facility will have lower interest costs in comparison with the original debt, but did not reveal any pricing details.

In related news, a Transurban-Fluor venture is close to securing a near-$1 billion public-private partnership with the US state of Virginia for a highway expansion.